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New York-based cannabis wholesale technology platform LeafLink raised $100 million in a Series D financing as its founders transition into new roles at the company.

According to a news release, the financing was led by CPMG, L2 Ventures and Nosara Capital and will come in two tranches.

Meanwhile, effective Feb. 1, co-founder and CEO Ryan Smith will assume the executive chair role.

In addition:

  • President and Chief Operating Officer Artie Minson will take over as president and CEO.
  • Co-founder and Chief Technology Officer Zach Silverman will now be a senior adviser to the company’s management team and board.
  • Karan Gupta, a former chief technology officer at used-car marketplace Shift Technologies, will join LeafLink as CTO.

“The Series D financing provides us with a strong balance sheet that will enable continued innovation alongside our customers,” Smith said in a statement.

LeafLink laid off roughly 80 workers in December, attributing the cuts to both cannabis industry headwinds and macroeconomic factors.