Dutchie, a four-year-old, Bend, Oregon company that charges cannabis dispensaries a monthly fee to create and run their websites and manage orders, is on a roll this year, raising its second large round of funding — this time a $350 million Series D at a $3.75 billion valuation. The new valuation is more than double what was announced in March when Dutchie brought in $200 million in Series C funding at a $1.7 billion valuation. At the time, the valuation was roughly eight times the $200 million valuation the company had after closing on $35 million in Series B funding last August. The latest funding round boosts the company’s total funding to over $600 million.
“I started smoking cannabis in college. During my sophomore year,” discloses NBA legend Allen Iverson. “Entering my rookie year, I got a hold of something quite strong, and that changed my thought process around smoking.” Now a weed connoisseur, Iverson has joined forces with Al Harrington’s Viola Brands to launch a line of cannabis products and merchandise under The Iverson Collection name. For Harrington, Iverson was the perfect fit for Viola too. “When I think about what we are doing in the cannabis space, being a black-owned company and being rare… And then I just thought about how Allen had impacted not only the league but also players like myself. Allen was a game-changer, very disruptive, and always being himself. That is how I feel about Viola too.” And he continues, “Allen really stuck it to corporate America, which wasn't comfortable with a lot of what he was doing.”
Cannabis point-of-sale platform Flowhub announced on Tuesday the closing of a $19 million round of strategic funding, including significant participation from venture capital firms Headline and Poseiden as well as a personal investment from entrepreneur and hip-hop billionaire Shawn “Jay-Z” Carter. The new round of funding for Flowhub brings the total amount of capital raised for the company to $50 million with a valuation of $200 million, according to a statement from the cannabis dispensary payment transactions processor. Flowhub processes in excess of $3 billion in cannabis transactions annually, providing more than 1,000 marijuana dispensaries a retail sales platform to serve their customers while maintaining compliance with strict regulations.
Canada's Canopy Growth Corp, said on Thursday it would buy the rights to purchase weed gummies maker Wana Brands for $297.5 million, locking in a future purchase price of 15% of Wana's enterprise value, as the world's biggest pot producer looks to expand in the U.S. cannabis market. Demand for pot edibles such as gummies has risen during the pandemic, as people stuck at home turn to cannabis-related products for relaxation and entertainment. "The categories that resonate the most with consumers, particularly in THC space are gummies and beverages, we continue to look at other ways of consumption but these two seem to be the ones that are taking off," Canopy Chief Executive Officer David Klein told Reuters.
Marijuana Business Daily
Chicago-based PharmaCann announced Tuesday it has struck a deal to acquire Colorado-headquartered LivWell Enlightened Health in a transaction that will allow PharmaCann to extend its market footprint to eight states. Once the acquisition is completed, PharmaCann will gain new markets in Colorado and Michigan. The company will have 60 operational retail outlets and 11 cultivation/production facilities, according to a news release. Terms of the deal were not disclosed. Both companies are privately held. “As far as mega private acquisitions go, this one is gigantic,” Chicago-based marijuana industry consultant Michael Mayes told MJBizDaily. He estimated the value of LivWell in the deal is likely in the “hundreds of millions” of dollars, probably between $100 million and $300 million.
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