E-commerce cannabis start up Dutchie has raised a staggering $35 million from backers including former Starbucks Chairman Howard Schultz, Snoop Dogg, and Kevin Durant.
Founded in 2017, Dutchie has raised $53 million to date and investors in the Series B round included Snoop Dogg’s Casa Verde Capital, and NBA star Kevin Durant’s Thirty Five Ventures, as well as Schultz, Thrive Capital and Gron Ventures.
“We’re seeing adoption rates for online orders, curbside pickup, and delivery soaring through the roof with widespread ‘stay at home’ orders,” said Ross Lipson, Dutchie CEO and co-founder, to GeekWire. “Consumers are stocking up on cannabis like other non-perishable goods, and businesses have to offer alternative services to meet their needs.”
Lipson has said the company is helping to facilitate more than $2.4 billion in annual sales and this week processed its 10 millionth order. COVID-19 is just speeding the inevitable according to the CEO.
“It’s almost as if the cannabis industry jumped two years overnight,” he said.
The company is aiming to use the cash to accelerate its business in every aspect.
“One of our biggest uses with our new funding will be to recruit top talent from a variety of industries to help us further define the overall cannabis consumer experience,” Lipson explained.
Dutchie now has 102 employees and is expecting to double that number by the end of 2021.