Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections
No Result
View All Result
Nairametrics
No Result
View All Result
Home Wealth & Lifestyle Billionaire Watch

How two brothers started a cannabis business now valued at $1.7 billion

Michael Ndu-OkekebyMichael Ndu-Okeke
2 years ago
in Billionaire Watch, Business
How two brothers started a cannabis business now valued at $1.7 billion
Share on FacebookShare on TwitterShare on Linkedin

Technology has disrupted virtually every major sector out there. It has dominated the regular sectors and is now finding its way into the more obscure ones. Technology is now been used in the supply and distribution of cannabis which recently achieved a semi-legal status in some states in the US.

A few days ago a watershed moment in the Legal marijuana industry occurred when Dutchie, a startup company raised $200m from investors and is now valued at $1.7 billion.

The fascinating cannabis startup makes use of technology to facilitate safe and efficient dispensary of cannabis

READ: US House passes reform bill to decriminalize marijuana

The Dutchie Story

According to Crunchbase Dutchie was founded in 2017 as a online cannabis ordering platform that connects consumers to local cannabis retailers. The company was founded by brothers and co-founders, Ross Lipson and Zach Lipson in the city of Bend, Oregon USA.

Ross, the elder of the brothers initially founded a food delivery operation in Canada which later got acquired. The idea to find Dutchie struck him while waiting for his turn in a local weed dispensary shop. His younger brother, Zach joined the company as Senior Product Manager.

READ: Coca Cola’s interest in cannabis presents export opportunities for Nigeria

Speaking to the Entrepreneur, Ross Lipson described the exact moment the idea to start Dutchie hit him.

He said, “Cannabis had just been legalized for recreational use in Oregon, so I and everyone else in my town lined up, sometimes for an hour, outside the busy dispensaries. When I finally got to the counter, I had mere minutes to read the menu and even less time to discuss it with the budtender and make an informed decision. It was a terrible customer experience.

“That’s when it hit me. What if I could just go online, educate myself about the products available at each dispensary, determine which was right for me, click a button, and have them delivered straight to my home?”

READ: My Hustle: How I make money from operating a cold room business

$200 million raised, $1.7 billion valuation

Dutchie shattered the glass ceiling with the latest Series C funding it secured recently. It raised $200 million at a $1.7 billion from investors by convincing them to bet on the spread of the legalization of cannabis across various states in the US.

The Series C funding was led by an investment firm, Tiger Global and also included previous investors Casa Verde Capital, Dragoneer DFJ Growth and former Starbucks CEO Howard Schultz.

Dutchie has attracted a list of exciting investors over the years. According to Marijuana Business daily it raised $35 million in August 2020 from a group of investors that included Snoop Dog’s Casa Verde Capital, Thrive Capital, Gron Ventures, and Schultz.

READ: How snail farming can put real money in your pocket

What you should know

  • According to Business Insider, Cannabis has been legalized in 15 American states and Washington DC. Medical Marijuana has been legalized in 36 states!
  • US analyst believe recreational Cannabis sale is set to hit a whopping $40 billion in the next 4 years!
  • Dutchie works with 2,116 dispensaries and operates in 36 markets in the US and Canada.
  • The collective net worth of the Lipson Brothers is still largely unknown but from the recent valuation of Dutchie and its prospective market growth, it is clear that the brothers are well on their way to the billionaires club.

Related

Tags: CannabisDutchieRoss LipsonZach Lipson

Leave a Reply Cancel reply

fidelity banner

Mega Millions
SME
hfm
HFM
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Benue Governorship election: INEC declares Catholic priest and APC candidate as winner
  • More countries, global technology exhibitors, speakers, and diplomats confirmed for the 8th agrofood & plastprintpack Nigeria
  • Industrial Court awards N100 million damages against NEMA

Follow us on social media:

Recent News

Benue Governorship election: INEC declares Catholic priest and APC candidate as winner

Benue Governorship election: INEC declares Catholic priest and APC candidate as winner

March 20, 2023
More countries, global technology exhibitors, speakers, and diplomats confirmed for the 8th agrofood & plastprintpack Nigeria

More countries, global technology exhibitors, speakers, and diplomats confirmed for the 8th agrofood & plastprintpack Nigeria

March 20, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions
  • 2023 Elections

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections

© 2023 Nairametrics

error: Alert: Content selection is disabled!!