Leafly operates an online marketplace and educational resource that lets customers and retailers buy and sell cannabis and provides product information. The platform attracts about 120 million annual visitors. Its revenue comes mainly from monthly subscription fees paid by cannabis retailers for listings and e-commerce tools, plus advertising. The company plans to expand its marketplace, increase marketing on the U.S. East Coast, and add to its roughly 160-person workforce using the new funding. Leafly reported that the broader cannabis industry grew 71% in 2020, with Americans spending about $18.3 billion on cannabis products, trends the company says are accelerating the market. The company has previously undergone layoffs in 2020, cutting 54 positions (18%) in January and 91 more two months later. Leafly spun out of Privateer Holdings in 2019 and is led by CEO Yoko Miyashita. Leafly operates website and apps that connect people seeking cannabis with retailers and brands, and it also publishes cannabis news and investigative reporting. The company recently launched a data-driven cannabis guide to help users understand marijuana effects. Leafly was spun out of Privateer Holdings in February and has grown quickly, adding 150 employees in the past seven months and doubling its headcount. Management is pursuing a larger Seattle headquarters that would be more than triple the size of its current downtown office, though hiring has been decelerated. The company is implementing company-wide cost controls, including cutting non-essential travel and pausing most hiring. Tim Leslie, a former Amazon Prime Video executive, became CEO in March following the removal of the prior CEO. Financially, Leafly raised a $2.3 million convertible note while simultaneously dialing down spending and slowing hiring.

Total raised

$25M

Funding rounds

2

Latest round

Equity

Latest activity

Jun 2021