Dutchie Bags $200M - Buys Greenbits & LeafLogix
March 16, 2021
– the cannabis technology platform powering dispensaries and
providing safe and easy access to cannabis – today announced the
completion of its $200 million Series C, at a $1.7 billion
valuation. The company's latest funding round is led by Tiger
Global, with participation from new investors Dragoneer and DFJ
Growth, and from existing investors including Casa Verde Capital,
Thrive Capital, Gron Ventures, and former Starbucks Chairman and CEO
Howard Schultz. Dutchie is also announcing today its acquisitions of
Greenbits and LeafLogix, two enterprise resource planning (ERP) and
point-of-sale (POS) software solutions serving the cannabis
industry, to provide more value to dispensaries and consumers.
"Dutchie's mission is to provide safe and easy access to cannabis
while helping power the positive societal change that cannabis is
bringing to the world," said Ross Lipson, CEO and Co-founder at dutchie. "We believe we have a responsibility to help contribute to
the next evolution of the industry, help all sides of the market
grow, and create opportunities and outcomes that benefit all of our
partners and consumers."
Since November 2020, six new states have passed legalization
measures for cannabis and a record-high percentage of Americans now
support legalization. The cannabis industry is one of the
fastest-growing in the world and provides a variety of societal
benefits, including improving positive health outcomes, providing
underrepresented or marginalized groups access to greater economic
opportunity, and increasing tax revenue, particularly amid shrinking
public budgets due to the COVID-19 pandemic.
Dutchie's platform creates a comprehensive, streamlined technology
ecosystem to help realize these benefits by helping cannabis
dispensaries grow and meet consumer demand. To help deliver on its
mission, dutchie is announcing today that Tim Barash, former CFO and
Chief Business Officer at Toast, will serve as the company's new
"Dutchie is powering a new generation of entrepreneurs driving one
of the most disruptive consumer trends of the last century," said
Tim Barash, Executive Chairman of dutchie. "This is a once in a
lifetime opportunity to join a team focused on accelerating an
industry that has a wide range of positive societal impacts, from
better health and wellness outcomes to reversing a stigma that
hampers criminal justice reform to supporting communities by
enhancing state and local tax revenues."
agile, user-centric platform makes it easier than ever for consumers
to buy cannabis online as they do for any other purchase while also
streamlining retailers' business operations. In an industry that has
long faced issues with fragmentation, dutchie's solutions simplify
day-to-day operations, so SMBs and enterprises can focus on
connecting with customers, driving marketing and sales efforts, and
growing their business.
"We work with companies that have the potential to reshape major
parts of the global economy," said John Curtius, partner at Tiger
Global. "Our investment will help dutchie extend its platform and
deepen relationships with merchants, consumers, and brands to drive
better outcomes for all in this ecosystem. We look forward to
supporting this world-class team as they hit a new phase of growth."
Dutchie's Series C funds will go toward continuing to add and
attract top talent, assist with expansion into new markets, and
launch major product developments to support cannabis dispensaries
while meeting evolving consumer demand and expectations.