Leafly Holdings (NASDAQ: LFLY) is finally set to begin trading this morning, following a delay in the closing of its merger with Merida Merger Corp I (NASDAQ: MCMJ). The two firms formally announced the closing of their business combination on Friday evening.
Leafly bills itself as a “cannabis discovery marketplace,” which assists users in accessing cannabis via partnerships with dispensaries. The company effectively acts as bridge between consumers and storefront operators, while offering advertising and tech tools for its business clients.
Originally announced back in August 2021, the go-public transaction for Leafly was recently delayed due to capital drying up in the cannabis sector. The company as a result was forced to source a new financing of a $30.0 million convertible note in mid-January, resulting in the delay.
In announcing the closing of the transaction on Friday, little was said by the firm to promote its operations. The company simply highlights its “significant acceleration in year-over-year revenue growth and gross margin,” while not highlighting specific figures.
Commenting on the closing of the transaction, CEO Yoko Miyashita stated, “Backed by substantial funding, tremendous advancements in cannabis legalization and e-commerce tailwinds, we are relentlessly focused on investing in our technology, talent, and content to execute our growth strategy and create value for all stakeholders.”
Leafly is expected to commence trading this morning on the Nasdaq.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
