Canopy Rivers Inc. (OTC: CNPOF) and LeafLink, Inc. announced the establishment of LeafLink Services International ULC Monday.
What Happened
The new venture will leverage and exclusively license LeafLink’s U.S.-based software as as a service business-to-business marketplace and supply chain technology to legal international cannabis markets.
Per the terms of the agreement, LeafLink and Canopy Rivers will respectively hold roughly 82 percent and 18 percent of the new venture.
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Why It Matters
“We are excited to join forces with Canopy Rivers, combining our industry-leading B2B marketplace technology with their expertise and strategic network in the global cannabis market,†Ryan Smith, CEO and co-founder of LeafLink, said in a statement.
“Together, we are creating the first seamless e-commerce experience across the global cannabis supply chain to further empower members of the LeafLink community.â€
LeafLink International will now be deployed in international markets, including Canada, where it has already launched, the company said.
In the United States, LeafLink’s SaaS marketplace has a penetration of roughly 2,800 cannabis retailers in 16 U.S. territories to date. Its B2B marketplace includes $900 million in annual gross merchandise value.
“We have been very impressed with LeafLink’s deep market penetration and their understanding of cannabis companies’ needs and behaviors,†Canopy Rivers President Narbé Alexandrian said in a statement.
The joint venture also expands Canopy River’s exposure in the cannabis space. The company now will leverage its portfolio of brands to drive growth for LeafLink International.
What’s Next
Alexandrian broadly commented on LeafLink International’s plans for the future in Monday's announcement.
“As regulated cannabis consumption and distribution proliferates around the world, LeafLink International will introduce the industry’s leading SaaS-enabled marketplace to the global stage to create a new standard for expediting the cannabis supply chain in regulated markets.â€
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The Best-Selling And Fastest-Growing Cannabis Brands, According To LeafLink
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