Dutchie Valuation Doubled in a Year
The legalization of cannabis has opened a business opportunity for many new domains. You will see many tech and e-commerce players in the space, and corporates are not shying away from the opportunity. Dutchie is one such Oregon-based company that calls itself a cannabis tech start-up.
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In a recent funding round, Dutchie secured funding of $350m. This was the Series D funding round for the company. It was just seven months earlier when the company raised $200 million during a funding round. The valuation of Dutchie has doubled to approximately $3.75 billion in just one year. The total funds raised by Dutchie stand at $603m since its inception in 2018.
The co-founder of Dutchie, Ross Lipson, feels that cannabis has a lot of opportunities for critical reforms, job creation, and new revenue models. The industry can support the economy of the community and the state. With the help of e-commerce in the cannabis industry, the company is expected to bring positive change to the community. With many start-ups coming into this domain, it is expected that the cannabis industry will eventually normalize.
As per Kurt Schlosser from GeekWire, the capital infusion has helped Dutchie expand its operational area. Today, the company has over 500 employees that work from 40 different locations in Canada and the United States. The fresh capital infusion will help Dutchie in expanding to new markets. It is expected that Dutchie will also expand its business outside North America, and it will be able to acquire new customers.
As a part of business, Dutchie offers an e-commerce platform, payment solutions, and point-of-sale terminals to cannabis dispensaries across the continent. The company has tapped annual sales of over $14 billion, which is just the start. The legalization of cannabis holds a bright future for the industry and the company. So oregonbased dutchie series 603mschlossergeekwire means startup Dutchie raises $350M to double valuation to $3.75B in less than a year