The raise brings Tiger Global-backed Dutchie to a $3.75B valuation. Here are the top-line bullets you need to know.
Dutchie, a cannabis tech company, has raised $350M in Series D funding. The round was led by D1 Capital Partners and drew participation from Tiger Global Management, Casa Verde Capital, DFJ Growth Fund, and Glynn Capital Management, among others.
HOW’S THE COMPANY PERFORMING?
- Oregon-based Dutchie’s platform aims to streamline cannabis e-commerce for dispensaries by offering point-of-sale and payments solutions as well as order management, including pickup and delivery.
- The company has reportedly processed over $14B in cannabis sales annually, supported by partnerships with more than 5,000 dispensary partners. It has has reportedly experienced 100% year-on-year growth with dispensaries.
- It claims to have doubled its employee count to more than 500 people in 6 months, spread across Canada and 40 states in the US.
WHY DOES THE MARKET MATTER?
- The global legal marijuana market is projected to grow at a CAGR of 26.7% to reach a value of $70.6B by 2028, according to Grand View Research.
- The growing use of cannabis for medical purposes is helping drive the legalization of cannabis across several geographies, fueling the growth of the market.
- In 2021, the legal cannabis market is expected to achieve sales of $24B.