Dutchie Announces $350 Million Financing Round to Power Cannabis Commerce, Now Valued at $3.75 Billion
With D1 Capital Partners leading the round, Dutchie furthers its mission to create safe and easy access to cannabis and provide solutions that streamline dispensary operations
Bend, OR – Dutchie — the technology platform powering cannabis commerce — today announced the completion of a $350 million financing round — the company’s Series D. Dutchie is now valued at $3.75 billion, more than doubling the company’s valuation in less than seven months. Dutchie’s latest funding round is led by D1 Capital Partners, with participation from previous investors including Tiger Global, Dragoneer, DFJ Growth, Thrive Capital, Gron Ventures, and Casa Verde Capital, and new investors, including Willoughby Capital, Glynn Capital, and Park West Asset Management.
We believe cannabis is good for humanity, and we’re committed to doing our part to propel this remarkable industry forward based on that core belief. We are powering cannabis commerce through the products and support that we provide our dispensary partners. We’re working arm-in-arm with our customers to create safe and easy access to cannabis while opening people’s hearts and minds to the good it can do.
Ross Lipson, CEO and co-founder at Dutchie
The company facilitates more than $14 billion in cannabis sales annually and partners with over 5,000 dispensaries across North America. Dutchie’s Series D comes seven months after its last funding round — a $200 million Series C — one of the largest private funding rounds in the cannabis industry. The fastest-growing cannabis technology platform, Dutchie’s team has more than doubled in the past six months to over 500 employees across 40 different U.S. states and in Canada.
A record-high percentage of Americans now support legalization – regardless of political party affiliation. The legal cannabis market is projected to be worth $70.6 billion globally by 2028, and legal cannabis sales are expected to hit $24 billion in 2021. Dutchie recently conducted a study of 5,000 adult cannabis consumers throughout North America, which revealed that — contrary to outdated stereotypes — today’s cannabis consumers are successful, motivated, and health-conscious with high purchasing power.
We seek to back companies with big visions that create significant value for their stakeholders. Dutchie is the tech backbone helping propel one of the fastest-growing industries in the world, and we’re all in to advance their mission.
Emily Corning at D1 Capital Partners
The new funding will go toward continuing to add and attract top talent, assist with expansion into new markets, including outside of North America, and to double-down on its R&D investments to launch major products to support cannabis dispensaries while meeting evolving consumer demand and expectations. To learn more, visit: https://dutchie.com.
Dutchie is the fastest-growing cannabis technology platform powering cannabis commerce, streamlining dispensary operations, and providing safe and easy access for consumers. Powering over 5,000 dispensaries throughout the U.S. and Canada and processing $14 billion in sales annually, Dutchie is a one-stop-shop, providing solutions for point of sale, ecommerce, seamless payments, and more. Dutchie is currently valued at $3.75 billion.
Dutchie aims to open minds to the positive societal change that cannabis brings to the world through health and wellness benefits, social and racial justice, and new revenues for state and local economies and communities. Dutchie’s solutions directly serve dispensaries and consumers alike, garnering recognition as one of Fast Company’s 10 most innovative companies in North America and LinkedIn’s Top 50 Startups for two-years running. To learn more, please visit: www.dutchie.com