You are here: Home » International » News » Companies
Business Standard

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

Topics
snoop dogg | Cannabis | United States

Tiffany Kary | Bloomberg 

Photo: Bloomberg
Photo: Bloomberg

Dutchie, a technology platform for 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 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
.

“We are powering 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.”

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, October 14 2021. 20:15 IST
RECOMMENDED FOR YOU
.