Leafly’s common stock to begin trading on
NASDAQ on Monday, February 7, 2022, with ticker symbol LFLY
Transaction strengthens Leafly’s position as a
leading online cannabis discovery marketplace
Leafly Holdings Inc. (“Leafly” or the “Company”), a leading
online cannabis discovery marketplace and resource for cannabis
consumers, and Merida Merger Corp. I (NASDAQ: MCMJ) (“Merida”), a
special purpose acquisition company sponsored by Merida Capital
Holdings, today announced the closing of their previously announced
business combination. In connection with the closing, Merida has
adopted the Leafly name, and Leafly’s common stock will begin
trading on the NASDAQ Stock Market (“NASDAQ”) on February 7, 2022,
under the ticker symbol “LFLY.”
Leafly has continued to build momentum, reporting a significant
acceleration in year-over-year revenue growth and gross margin, as
well as a 40% increase in total ending retail accounts, in the
third quarter of 2021.
Since announcing the proposed combination with Merida in the
summer of 2021, Leafly has introduced new value-driving tools for
brands subscribers and enhanced its iPhone and iPad app to enable
users to place pickup orders for cannabis products in legal state
markets. The Company has also announced a post-combination Board of
Directors with wide-ranging expertise and bolstered its executive
leadership team with highly experienced hires for Chief Financial
Officer, General Counsel, SVP of Sales, and SVP of Engineering.
“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,”
said Yoko Miyashita, Chief Executive Officer of Leafly. “Becoming a
public company is an important milestone for the entire Leafly team
and we thank Merida for their continued support and look forward to
working with them and future shareholders to achieve new
heights.”
Peter Lee, former President of Merida Merger Corp. I who will
continue to serve as a member of the board of directors of the
combined company, said, “Leafly has long been a critical resource
in the cannabis ecosystem. With its three-sided marketplace and
unparalleled content library, Leafly makes cannabis understandable
and accessible for consumers, retailers, and brands alike – driving
an incredible flywheel effect and tremendous brand loyalty across
the country. Now, with an experienced management team and
substantial funding, Leafly is poised to take the next step in its
journey, and we are excited to continue to play a role.”
Advisors
Oppenheimer & Co. served as exclusive financial advisor to
Leafly. Weil, Gotshal & Manges LLP served as legal advisor to
Leafly. EarlyBirdCapital, Inc. served as financial advisor to
Merida. Cowen, Craig-Hallum Capital Group LLC, JMP Securities, LLC,
and The Benchmark Company, LLC served as capital markets advisors
to Merida. Cowen also served as a financial advisor on the
previously announced $30 million convertible note financing led by
Cohanzick Management LLC. Graubard Miller served as legal advisor
to Merida.
About Leafly
Leafly helps millions of people discover cannabis each year. Our
powerful tools help shoppers make informed purchasing decisions and
empower cannabis businesses to attract and retain loyal customers
through advertising and technology services. Learn more at
Leafly.com or download the Leafly mobile app through Apple’s App
Store or Google Play.
About Merida Merger Corp. I
Merida Merger Corp. I was a blank check company formed for the
purpose of entering into a merger, share exchange, asset
acquisition, stock purchase, recapitalization, reorganization or
other similar business combination with one or more businesses or
entities.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws. These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “forecast,” “opportunity,” “plan,” “may,”
“should,” “will,” “would,” “will be,” “will continue,” “will likely
result,” and similar expressions (including the negative versions
of such words or expressions).
Forward-looking statements are predictions, projections and
other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to the risks and uncertainties
described in the “Risk Factors” section of the final proxy
statement/prospectus/consent solicitation statement filed by Merida
with the SEC on December 10, 2021, the proxy
statement/prospectus/consent solicitation supplement filed by
Merida with the SEC on December 22, 2021, the proxy
statement/prospectus/consent solicitation supplement filed by
Merida with the SEC on January 18, 2022 and in the other documents
filed by Merida from time to time with the SEC. These filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and Merida assumes no obligation and, except as required by law,
does not intend to update or revise these forward-looking
statements, whether as a result of new information, future events,
or otherwise. Merida does not give any assurance that it will
achieve its expectations.
Source: Leafly Holdings
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220204005386/en/
Media Laura Morarity laura.morarity@leafly.com
206-489-8427
Molly Morse / Nick Capuano Molly.Morse@kekstcnc.com /
Nicholas.Capuano@kekstcnc.com 917-603-4142 / 917-842-7859
Investors Stacie Clements IR@leafly.com
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