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New York-based LeafLink has acquired the assets of Dama Financial’s banking division as the cannabis wholesale technology platform expands financial services to the marijuana industry.
Financial details of the transaction were not disclosed in a Wednesday news release, and LeafLink declined to comment on the price to MJBizDaily.
This acquisition, according to LeafLink, lays the groundwork to develop an integrated banking solution for cannabis operators, which often lack secure and reliable financial services.
“After witnessing firsthand the negative impact the federal prohibition has had on operators’ access to traditional banks, we are thrilled to add banking to LeafLink’s product suite,” CEO Artie Minson said in a statement.
“Very few companies and people South San Francisco, the expertise that Dama Financial offers to the cannabis banking space.”
Dama Financial, headquartered in South San Francisco, said in a statement that it has served more than half the nation’s markets with medical marijuana or adult-use sales.
According to the release, the Dama Financial “product lines not included in this acquisition will rebrand to GrowFlow.”
LeafLink’s services for marijuana brands and retailers include ordering and inventory management, payments, advertising as well as data and analytics.
Meanwhile, LeafLink told MJBizDaily on Wednesday it raised another $25 million as part of its Series D financing round earlier this year, bringing the total to $125 million.'
In the tech sector, succeeding venture-capital rounds increase significantly from early rounds and often eclipse $100 million.
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