At the New England Cannabis Convention in Boston on March 22, LeafLink, a cannabis tech firm, was awarded the Green Market Report Finance Award for best financial tech provider. This award recognized LeafLink for its payment solution services that assist marijuana companies in overcoming challenges associated with the lack of traditional banking services.
LeafLink’s chief product officer, Matt Hutchinson, expressed his amazement at the progress made by LeafLink and the broader cannabis industry since the company’s inception almost a decade ago in 2016. Originally launched as a wholesale marketplace in Colorado, LeafLink now operates in over 30 states and offers various operating solutions within its platform.
Hutchinson highlighted the continuous evolution of the LeafLink platform to meet the changing needs of the industry. He noted that the cannabis market is still considered new and emerging, presenting numerous challenges for both small and large companies. Hutchinson emphasized the importance of adaptability in addressing these challenges.
One major hurdle faced by LeafLink is determining which industry problems they can help address and prioritizing their efforts accordingly. Hutchinson explained that a lack of trust across different sectors of the market is a significant issue, stemming from cash flow constraints and a lack of alignment between sales representatives and buyers. These challenges have ripple effects throughout the supply chain and underline systemic problems within the U.S. cannabis sector.
Hutchinson emphasized that most owners and operators in the cannabis industry are not intentionally avoiding paying their vendors. Instead, they are struggling with intense competition, high taxes, and costly compliance requirements that leave them financially constrained. LeafLink aims to address these issues by improving efficiencies, creating flexible payment solutions, and aligning incentives between brands and retailers to foster a more sustainable and mutually beneficial marketplace.