LeafLink, a cannabis tech company, was recognized for its financial technology solutions at the New England Cannabis Convention in Boston on March 22. The Green Market Report Finance Award named LeafLink as the best financial technology provider, highlighting the company’s payment solution services that help marijuana businesses overcome challenges caused by the lack of traditional banking services.
Chief product officer Matt Hutchinson expressed his amazement at the growth of LeafLink and the cannabis industry since its launch in Colorado almost a decade ago. Starting as a wholesale marketplace, LeafLink now operates in over 30 states with various operating solutions integrated into its platform. Hutchinson emphasized the importance of adaptability in addressing ongoing business challenges faced by companies in the cannabis market.
Despite progress made, Hutchinson acknowledged that the cannabis market is still considered new and emerging. Identifying industry problems to address and prioritizing work is one significant hurdle faced by LeafLink. A lack of trust across the market stems from cash flow constraints and alignment issues between sales representatives and buyers, which have ripple effects throughout the supply chain. High competition, excessive taxes, and costly compliance are also significant problems faced by many owners and operators, leading to cash flow constraints.
In response to these challenges, LeafLink aims to provide solutions that improve efficiencies, free up working capital, facilitate flexible payment methods, and align brand and retailer incentive structures to address these issues. By doing so, LeafLink hopes to continue its evolution to meet the needs of the growing cannabis industry while helping businesses overcome their unique challenges.