Top cannabis-focused website Leafly on Monday agreed to go public by merging with a blank-check firm owned by Merida Capital Holdings, in a deal valuing the combined company at about $532 million.
Like the rest of the cannabis industry, Leafly has benefited from prospects of federal marijuana legalization in the United States and a pandemic-induced jump in pot use. Its site visits rose 12% last year to more than 220 million, making it the world’s most visited website on weed.
The deal with blank-check firm Merida Merger Corp I has an enterprise value of about $385 million USD. The merger will give Seattle-based Leafly proceeds of up to $161.5 million that it can use to expand its business in newly legalized markets such as New York.
Existing Leafly shareholders will own about 72% of the combined company after the deal, which is expected to close in the fourth quarter of this year. Leafly will be listed on the Nasdaq under the ticker symbol “LFLY.”
The Steve Muehler portfolio of companies (formerly the “Private Placement Markets”) is a growing global provider of Insurance, mortgage banking, commercial insurance, legal document preparation and Investment Banking products and services. Through its diverse portfolio of solutions, the Steve Muehler portfolio of companies enables Entrepreneurs and Business Managers to plan, optimize and execute their business vision with confidence, using advanced technologies that provide transparency and insight for navigating today's Global Alternative Investments Capital Markets. As the creator of the world's first set of Private Placement Markets, its technology powers more than 68 market segments and is growing it operations over the next 24-months to include 50 countries.
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Steve Muehler – EquityLock Residential: www.EquityLockResidential.com
Steve Muehler – EquityLock Commercial: www.EquityLockCommercial.com
Steve Muehler – Bail Bonds & Immigration Bonds: www.SteveMuehlerBail.com
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