At the New England Cannabis Convention in Boston on March 22nd, cannabis technology company LeafLink was recognized for its payment solutions service that helps marijuana businesses avoid problems caused by the lack of traditional banking. , won the Green Market Report Finance Award for Best Financial Technology Provider. service.
Matt Hutchinson, the company's chief product officer, said it's amazing how far both LeafLink and the broader cannabis industry have come since starting the company in Colorado nearly a decade ago in 2016. It's amazing.”
“We started as a wholesale marketplace in Colorado and now operate in more than 30 states with multiple operating solutions built into our platform,” Hutchinson said.
“From buying and selling wholesale products to financial solutions, B2B advertising that increases customer brand awareness, and data insights, the LeafLink platform has evolved to meet the needs of the industry, and this is an accomplishment to be proud of.”
Hutchinson said the cannabis market remains new and emerging, and there remain many business challenges for small and medium-sized enterprises alike to address, which requires the adaptability of companies like LeafLink. He emphasized that.
“The biggest hurdle we face is choosing what industry problems we can address as a company and how to prioritize that work. We had to have a 30,000-foot field of view when solving this,” Hutchinson said when asked about the challenges ReefLink had to overcome.
“What we recognized was that there was a lack of trust in all areas of the market, and from our perspective, it was a combination of cash flow constraints and collaboration between salespeople and buyers. I think it's because of the lack,” Hutchinson said.
This has ripple effects throughout the supply chain and highlights systemic issues facing the entire U.S. cannabis sector, he said.
“Most owners and operators are not intentionally avoiding paying vendors; they are dealing with intense competition, excessive taxes, high compliance costs, and are cash-strapped.” said Hutchinson. “So we set out to find solutions to this problem, including increasing efficiencies that free up or secure much-needed working capital, creating flexible ways to pay and receive payments, and adjusting incentive structures for brands and retailers. I set a goal.”
