Dutchie, the Amazon of cannabis, already worth $3.75 billion

It's a behemoth of the cannabusiness ...one we'll have to count on. Dutchie has just raised $350 million, and The announcement is now valued at $3.75 billion. Not bad for a company that was founded just four years ago. Its business model is simple, though: in exchange for a percentage, Dutchie provides cannabis stores with a platform to sell online.

«Dutchie works with 5,000 cannabis stores across North America, and we facilitate $14 billion in annual sales for our stores.», says Dutchie CEO Ross Lipson to Reuters.

No fewer than nine companies participated in this latest round of fundraising. Among them are Snoop Dogg, and his venture capital firm, Casa Verde, as well as Wall Street heavyweights such as Tiger Management ($36 billion in assets) and Dragoneer ($19 billion). According to its CEO, this fresh capital will be used to double the research and development budget.

Volume Doubled in Six Months

Just six months ago, Newsweed had already told you about Dutchie's incredible growth. At the time, the Bend, Oregon-based company had raised $200 million and was valued at $1.7 billion. Six months later, its revenue had doubled. It also hired heavily, growing its workforce from 300 to 500 employees.

By way of comparison, Dutchie is on par with the French group Lagardère, owner of the Relay stores and the media outlets Europe 1, Paris Match, and Le Journal du Dimanche. And Dutchie is looking even further ahead: «It feels like we're just scratching the surface as an industry and as a company; there's so much to do.», ," shudders its CEO.

The future still holds great growth opportunities for Dutchie. In fact, since the COVID-19 pandemic and the multiple lockdowns, Online cannabis sales are booming. The same goes for home delivery of cannabis, a service that Dutchie also offers. The only catch: delivery is only available in states that have authorized it, such as the Colorado or the Massachusetts.