Snoop Dogg-backed tech firm powering pot industry valued at $3.75 billion

Dutchie, based in Oregon, United States is growing as new states legalize recreational cannabis or expand their existing offerings

Dutchie, a technology platform for cannabis dispensaries, has raised $350 million in funding, bringing its valuation to $3.75 billion, according to a company statement Thursday. 

The new round of funding more than doubles the value of the company and comes seven months after a $200 million round that valued it at $1.7 billion. Dutchie, based in Bend, Oregon, is growing as new states legalize recreational cannabis or expand their existing offerings. 

The series D financing was led by D1 Capital Partners. Other participants included Tiger Global, DFJ Growth, Dragoneer, Thrive Capital and Casa Verde Capital, which is backed by Calvin Broadus Jr., whose artistic name is Snoop Dogg. 

“We are powering cannabis commerce through the products and support that we provide our dispensary partners,” Chief Executive Officer Ross Lipson said in the statement. Emily Corning, an investor at D1 Capital, said that Dutchie is “the tech backbone helping propel one of the fastest-growing industries in the world.”