Dutchie, the marijuana delivery service launched by Ross Lipson, has raised $3 million in venture funding.
According to a report citing the company, the funding came from Casa Verde Capital, which is a $45 million venture firm that was founded by hip-hop star Snoop Dogg. Funding also came from Durant Company, as well as other unnamed investors.
“We’re creating a tool that helps the user and consumer navigate the delivery space,” Lipson told the publication in an interview. “We’re educating the consumer to that buying experience … If you don’t have that online ordering tool in front of you, you’re forced to choose a dispensary and take the information that that ‘budtender’ gives you, which is their personal preference.”
According to the report, there isn’t currently a leader in the pot delivery industry. Los Angeles, for one example, has several services including Nugg, ganjarunner, Kushfly, Eaze, HERB, Westside Organic and Cannabis Express. All of them provide delivery services for pot, cannabis-infused items, oils and vapes. Eaze, which is reportedly the largest startup in the space, raised $37 million and potentially more since launching back in 2014.
Lipson isn’t deterred by all the competition. Since launching Dutchie in 2017, the company has been slowly growing the business, recently signing on 50 dispensaries in Oregon. The $3 million in venture funding further legitimizes its growth.
“There’s a lot of hype and speculation around the cannabis space, especially in the public markets,” Lipson said in the report. “It’s not a traditional way to go about a business of this size. We’re extremely excited and eager to partner with the investors that we did.” The aim is to launch in all the states where medical marijuana is legal in the next few months, as well as in Canada. “We’re priding ourselves on the concept of scalability,” Lipson said, noting that it’s “the underlying mantra of our strategy.”
Source: PYMNTS
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.