Leafly Reports Nine-Month Revenue Of $31M, Up By 14% YoY

The cannabis information platform Leafly Holdings Inc. released its financial results Monday for the nine months ended September 30, 2021, disclosing revenue of $31.0 million, representing a 14% increase compared to the nine months ended September 30, 2020

Financial Summary

• An 88.5% gross margin on $27.4 million in gross profit, a 16% increase compared to the nine months ended September 30, 2020;
• Retail revenue grew 12% while brands revenue grew 23% over the prior-year period;
• Year-to-date revenue reached $31.0 million;
• Total ending retail accounts grew 40% to 4,769 from September 30, 2020;

“Our successful results year-to-date, building on the momentum we have generated over the last year, are a testament to the power of our marketplace and the dedication of the skilled, rapidly growing Leafly team,” Yoko Miyashita, Leafly CEO stated. “As we ramp up our next phase of growth, entering the public markets through our partnership with Merida Capital will facilitate significant investments in our brands platform, robust advertising tools, and unmatched insights and information – as well as reinforcing our leadership position in newly legal East Coast markets.”

Company Updates

• Announced a definitive agreement for a business combination between Leafly and Merida Merger Corp. MCMJ, through which Leafly will become a public company and trade on the NASDAQ under the ticker symbol LFLY.
• Announced key leadership additions, including Suresh Krishnaswamy as chief financial officer and Kimberly Boler as general counsel. Last week, Leafly announced the appointment of Rebecca Warner, who brings more than 14 years of leadership experience in advertising sales and online marketplace growth, as the Company’s new SVP of Sales.
• Introduced expanded advertising tools for brands subscribers, including more robust reporting and insights, increased visual customization, increased catalog control and top-of-page carousel placements within dispensary pages.
• Launched an update to Leafly’s app allowing iPhone and iPad users to place pickup orders for cannabis products in legal state markets.
• Photo: Courtesy of Elsa Olofsson on Unsplash