CHICAGO — September 30, 2021 — Leaf Trade, the dominant wholesale cannabis platform in today’s legal cannabis industry, is now the innovative tech application of choice in Michigan, where an increasing number of cannabis cultivators and retailers in the state are switching to Leaf Trade from its competitors.
Leaf Trade recently launched in Michigan with such renowned cannabis organizations as Holistic Industries, the largest private MSO in the US, state-licensed processing powerhouse, Lion Labs, and Michigan-based organic grower and retailer Better Daze.
“Michigan has one of the most robust cannabis markets in the Midwest,” said Michael Piermont, President and Chief Revenue Office of Leaf Trade. “But it’s also one facing distinct regulatory and operational challenges as it matures, making Leaf Trade’s innovative technology even more important for its client’s success.”
Michigan became the 10th state in the US to legalize adult-use cannabis in 2019. Earlier this summer, the state’s cannabis revenue surpassed $170 million, representing a 500% growth rate during the past 18 months. This year’s revenue in the state is expected to top $1.5 billion and grow to $4 billion in the next 3-5 years.
The company’s expanded footprint in Michigan’s cannabis market comes as many of Leaf Trade’s new clients say they were underserved by Leaf Trade’s competitors, who are unable to provide the same level of integrative B2B solutions.
As an example, US cannabis company Holistic Industries needed a tool that provided visibility to real-time inventory and sales data across all markets, said John Brown, Chief Technology Officer.
Holistic uses Leaf Trade to manage its wholesale operations in 6 markets including MA, CA, DC, MD, PA, and MI. They also utilize their integration with Leaf Logix to boost its efficiencies in the Michigan market, Brown said.
“Leaf Trade enables my team to be super-efficient with our wholesale operations,” says Brown. “Not only can we manage our inventory, but it also brings our entire team together, from sales to marketing, to accounting and inventory managers.”
Leaf Trade has been a solid player in the FinTech vertical as it grew to first dominate wholesale transactions in the company’s home state of Illinois to now being the wholesale marketplace of choice in the fastest growing and most dynamic US cannabis markets. With more than $1 billion in annualized net GMV, Leaf Trade is among the largest national players in its category and is definitively the most competitively positioned player in the markets in which the company operates.
In late 2020, Leaf Trade launched its integrated payments platform, Leaf Pay, which provides seamless, end-to-end order processing and payment for all transactions. As an integrated feature on the Leaf Trade platform that utilizes compliant bank-based payment processing, Leaf Pay is not only the easiest one-step payments tool for cannabis companies nationwide, but is also the lowest cost. Designed to be more cost-competitive than credit card or wire payments, and easier to manage and track than check or cash invoices, Leaf Pay is positioned to become the dominant payment avenue for all wholesale cannabis transactions.
About Leaf Trade
Founded in 2016, Leaf Trade is a technology company whose platform facilitates ordering and fulfillment in cannabis and hemp markets. Using the features on Leaf Trade’s platform, vendors can streamline all order fulfillment processes, increase sales through custom storefronts, and generate powerful reports and analytics. Retailers can leverage Leaf Trade’s tools to discover trending products through its data-driven shopping process, easily request samples and marketing materials, and manage orders from start to finish. Headquartered in Chicago, Leaf Trade is partnered with the majority of multi-state cannabis operators and operates in 24 states and counting. To learn more about Leaf Trade, visit LeafTrade.com or follow @Leaf Trade on Linkedin, @leaf_trade on Twitter.