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Leafly, a popular online cannabis marketplace, today announced a merger agreement with Special Purpose Acquisition Company (SPAC) Merida Merger Corp. I (NASDAQ: MCMJ).
Once the transaction is completed, Leafly will begin trading on the NASDAQ stock exchange under the symbol “LFLY”. The company is valued at $ 532 million, based on financial details announced today.
âOver the past decade, we have focused on creating a single, law-compliant market, with an equally strong focus on educating consumers and enabling them to reserve products based on cannabis from legal and reputable suppliers. With this transaction, we look forward to entering the next phase of our business journey – creating more personalized consumer experiences, bringing more value to our retail partners, amplifying brands on our platform and expanding increasing our presence in local markets as legalization continues. Our consumers recognize Leafly as one of the most trusted brands in cannabis, and we don’t take that trust for granted, âsaid Yoko Miyashita, CEO of Leafly.
The Seattle-based Leafly has attracted more than 125 million annual visitors, who learn, discuss, select and book cannabis products. The company said it serves 7,800 brands on its platforms and has 4,600 paid subscribers.
âMerida Capital is very excited to be a part of this transformative event for Leafly. We’ve seen first-hand how consumers are reacting to Leafly’s innovative technology and proprietary knowledge. Leafly has a proven flywheel and clear, achievable growth plans, and we look forward to leveraging our team experience with other high growth ancillary cannabis companies to support their transition to the market. public market, âcommented Peter Lee, President of Merida Merger Corp.
Existing Leafly shareholders will own 72% of the new company, which will generate $ 161.5 million in cash from the transaction. Leafly has also partnered with Merida, with the latter participating in the company’s $ 31.5 million funding round.