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February 15, 2022

Backed by Howard Schultz, Kevin Durant and Snoop Dogg, Ross Lipson’s e-commerce platform claims more than 40% of the market and doubled its valuation last year to reach $3.8 billion. But as legalization spreads, its business could go up in smoke.

Excited by a way to invest in the cannabis industry—without directly investing in a still federally illegal drug—investors jumped in. Snoop Dogg’s venture firm, Casa Verde Capital, led a $3 million seed round in 2018. Two years later, Josh Kushner’s Thrive Capital, NBA star Kevin Durant’s fund and billionaire and former Starbucks CEO Howard Schultz bought in. In March 2021, Dutchie raised $200 million in a Series C, led by Tiger Global, which has backed companies such as Peloton, Roblox, Spotify and Juul. The investment made Dutchie a cannabis unicorn, valued at $1.7 billion.

Seven months later, in mid-October, Dutchie announced a new $350 million financing round, led by billionaire Daniel Sundheim’s D1 Capital Partners at a $3.8 billion valuation. It’s all based on potential. All told, Forbes estimates that Dutchie generated around $5 million in revenue in 2020 and around $45 million in 2021. Lipson would not comment on his company’s revenue.

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