Cannabis giant Leafly is going public through a SPAC merger – TechCrunch

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Leafly is popping to a SPAC with Merdia Merger Corp. I to go public. The deal, valued at about $532 million and anticipated to generate proceeds of as much as $161.5 million, contains Leafly’s latest capital elevate of $31.5 million from traders, together with Merida Capital Holdings.te

The corporate is predicted to record on Nasdaq underneath the ticker image of LFLY as Merida will undertake the Leafly identify. Current Leafly shareholders will personal about 72% of the merged firm. The deal is predicted to shut within the fourth quarter of 2021.

Leafly was based in 2010 and has grown into a number one market and useful resource. The corporate provides a deep library of content material for shoppers, together with detailed details about strains, retailers, and present occasions. For retailers, Leafly provides a subscription-based platform that 7,800 manufacturers and 4,600 retail subscribers use. Based on a report, the corporate is predicted to see income hit $43 million in 2021 and $65 million in 2022.

Regardless of the successes, Leafly skilled a turbulent 2020 with layoffs and management adjustments. Yoko Miyashita took over as the corporate’s CEO in August 2020 and has been centered on Leafly, leaning closely into constructing a greater on-line procuring expertise. In February 2021, the corporate partnered with Jane to enhance Leafly’s e-commerce instruments.

By going public by way of a SPAC, Leafly is signaling it’s coming into a development section simply in time for the US Authorities to loosen hashish restrictions.

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