Dutchie押注大麻降级将开放银行和支付；附表III落地

做的是什么生意

Dutchie is the operating system for cannabis retail: e-commerce, point-of-sale, loyalty and payments software used by 6,500+ dispensaries in the US and Canada, facilitating over $22 billion in annual sales.

启动资金：$350M Series D at $3.75B valuation (Oct 2021, led by D1 Capital), bringing total funding past $600M (TechCrunch).

起因

Brothers Ross and Zach Lipson founded Dutchie in 2017 in Bend, Oregon, betting that state-legal dispensaries would digitize like any other retail. By October 2021 it processed $14B in annualized sales for 5,000+ dispensaries, had raised over $600M at a $3.75B valuation, and was explicitly betting on rescheduling and the SAFE Banking Act.

经过

After the 2021 peak, Dutchie kept funding policy work as co-chair of the Coalition for Cannabis Scheduling Reform, putting 'thousands of hours and millions of dollars' into the cause. On December 18, 2025 President Trump signed an executive order directing the attorney general to expedite the Schedule III rulemaking; on April 23, 2026 the DOJ/DEA issued a final order (effective April 28, 2026) placing FDA-approved and state-licensed medical marijuana products in Schedule III and ending the Section 280E tax penalty for covered businesses.

结果

The first half of the bet landed: Schedule III removed the 280E penalty for covered medical licensees and began normalizing the industry, which Dutchie's CEO called a 'fundamental shift'; the second half — card acceptance and a banking safe harbor — is still pending, with the SAFE Banking Act reintroduced in June 2026 but never passed by the Senate.

可借鉴之处

建立当规则落地时能赢的业务，但不要过早为胜利定价：Dutchie的2021年估值等了多年才看到重新划分。