The company generates revenue through subscription-based marketplace listings for retailers and brands. Following its January 2025 transition to the Over-The-Counter (OTC) market after delisting from Nasdaq, Leafly faces near-term liquidity challenges, but the core business is showing signs of stabilization and cost control is working.
Cyborg Score Rationale
Total 2024 revenue of $34.642 million reflected an 18% decrease from the previous year, while cash and cash equivalents dropped to $8.64 million from $14.53 million between end of 2024 and March 31, 2025. The company faces structural headwinds in a cyclical cannabis market and must resolve near-term debt obligations.
Top Insights
Net loss for Q1 2025 improved to $1.78 million, a clear step up from the $2.39 million loss a year prior, even as Q1 revenue dipped to $7.88 million.
By the end of 2024, Leafly had over 14,000 retail listings on its platform, with more than 3,300 being paid accounts.
Management is considering taking the company private to cut public company costs, signaling potential restructuring ahead.
Leafly operates in nearly all U.S. states where cannabis is legal for medical and/or adult-use, and across Canada.
Named Competitors
Weedmaps — Cannabis retail discovery and marketplace platform
Dutchie — Point-of-sale and marketplace platform for cannabis retailers
Grassdoor — Cannabis delivery and retail platform
Recent Developments
(January 2025) Delisted from Nasdaq and transitioned to Over-The-Counter (OTC) market
(Q1 2025) Revenue declined to $7.88 million; cash position weakened to $8.64 million; net loss improved to $1.78 million
(2024) Generated $34.642 million in annual revenue; attracted average of 5.1 million monthly visitors
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