LEAFLY HOLDINGS Stock Price, News & Analysis

Leafly Holdings, Inc. (LFLY) is described in its public communications as an online cannabis discovery marketplace and resource for cannabis consumers. The company states that it helps millions of people discover cannabis each year and that its tools are designed to help shoppers make informed purchasing decisions and to empower cannabis businesses through advertising and technology services.

Leafly appears in the Information sector under software publishers, and its news releases describe it as one of the world’s leading cannabis discovery marketplaces and a trusted educational resource. According to multiple company announcements, Leafly positions itself as an online destination for cannabis information, with a large database of cannabis strains and store menus, and a platform that connects consumers with cannabis retailers and brands.

In its own descriptions, Leafly emphasizes two main audiences: cannabis consumers and cannabis businesses. For consumers, the company highlights tools that support informed purchasing decisions, as well as educational resources about cannabis. For businesses, Leafly points to advertising and technology services that are intended to help retailers and brands attract and retain customers. Company disclosures also reference subscription offerings for retailers and brand-focused advertising revenue, and they discuss metrics such as ending retail accounts and retailer average revenue per account as key performance indicators.

Leafly’s public filings and press releases describe a business that monitors operational efficiency, cost discipline, and liquidity, and that uses metrics like adjusted EBITDA, ending retail accounts, and retailer ARPA to analyze its performance. The company has noted efforts to stabilize its retail business, manage operating expenses, and address the maturity of its convertible senior notes. It has also disclosed working with financial advisors to explore financing and strategic opportunities.

In January 2025, Leafly announced that a Nasdaq Hearings Panel determined to delist the company’s common stock from The Nasdaq Stock Market LLC due to non-compliance with certain continued listing requirements. The company stated that trading in its common stock and warrants on Nasdaq would be suspended effective with the opening of trading on January 17, 2025, and that it expected its common stock and warrants to begin trading on the OTC Pink Open Market under the symbols “LFLY” and “LFLYW,” respectively, on that date. Leafly indicated that this transition was not expected to affect its business or operations, while also cautioning that there could be no assurance that a broker would continue to make a market in its securities or that trading would continue on an over-the-counter market or elsewhere.

Subsequently, on Form 15 filed with the U.S. Securities and Exchange Commission, Leafly Holdings, Inc. certified the termination of registration of its common stock under Section 12(g) of the Securities Exchange Act of 1934 and the suspension of its duty to file reports under Sections 13 and 15(d). The filing indicates that the company relied on Rule 12g-4(a)(1) and Rule 12h-3(b)(1)(i), and it reports an approximate number of 170 holders of record as of the certification date. This Form 15 means that Leafly has elected to deregister its common stock and suspend its periodic reporting obligations with the SEC, which is a significant change in its status as a reporting company.

Across its recent financial news releases, Leafly has repeatedly described its core business as helping people discover cannabis and supporting cannabis businesses through advertising and technology services. The company’s communications also highlight its role in cannabis culture and market data, such as its annual "Leafly Strain of the Year" selection, which is based on analysis of Leafly’s internal data on traffic growth, menu availability, and budtender recommendations. These activities underscore the company’s focus on cannabis discovery, consumer education, and data-informed insights within the cannabis marketplace.

Business focus and activities

According to its press releases, Leafly’s activities include:

• Operating an online cannabis discovery marketplace and resource for cannabis consumers.
• Providing tools that help shoppers make informed purchasing decisions.
• Offering advertising and technology services to cannabis businesses, including retailers and brands.
• Tracking and reporting key performance metrics such as ending retail accounts and retailer average revenue per account.
• Producing cannabis-related editorial content and data-driven features, including the Leafly Strain of the Year.

In addition, Leafly has described partnerships and initiatives that support legal cannabis markets. For example, it announced a partnership with the New York Cannabis Retail Association, a non-profit coalition of New York dispensary owners, with the stated aim of supporting licensed cannabis retailers in New York and promoting awareness of legal, local cannabis. The company’s communications frame this as part of its dedication to supporting legal cannabis businesses and informing consumers about the benefits of purchasing from licensed retailers.

Trading status and regulatory reporting

Leafly’s January 2025 announcement regarding the Nasdaq Hearings Panel decision and its expectation to trade on the OTC Pink Open Market marks a shift from a national exchange listing to over-the-counter trading. The company’s subsequent Form 15 filing in June 2025 confirms that it has terminated the registration of its common stock under Section 12(g) and suspended its duty to file periodic reports under Sections 13 and 15(d) of the Exchange Act. Investors researching LFLY should be aware that, following this deregistration, Leafly is no longer obligated to file ongoing periodic reports such as Forms 10-K and 10-Q with the SEC, unless its reporting obligations are later reinstated.

Role in the cannabis ecosystem

Leafly’s own descriptions position it as an online destination for cannabis information and discovery. The company notes that it maintains a large database of cannabis strains and store menus and that it has millions of monthly readers. It presents itself as a platform that connects consumers with legal cannabis businesses and provides data and tools that can influence consumer tastes and wholesale purchasing decisions, as illustrated by the impact of its Leafly Strain of the Year selections. Through these activities, Leafly portrays a role that spans consumer education, digital marketing, and marketplace services within the cannabis industry.

FAQs about Leafly Holdings, Inc. (LFLY)

• What does Leafly Holdings, Inc. do?
  

  According to the company’s press releases, Leafly operates an online cannabis discovery marketplace and resource for cannabis consumers. It states that its tools help shoppers make informed purchasing decisions and that it provides advertising and technology services to cannabis businesses.

• How does Leafly describe its services for cannabis businesses?
  

  Leafly’s announcements say that it empowers cannabis businesses, including retailers and brands, to attract and retain loyal customers through advertising and technology services. The company also discusses subscription offerings and brand revenue in its financial communications.

• What key performance metrics does Leafly highlight?
  

  In its financial results releases, Leafly identifies ending retail accounts and retailer average revenue per account (ARPA) as key performance metrics. Management states that these metrics help analyze the company’s financial performance and understand consumer behavior and trends in its business.

• What is the Leafly Strain of the Year?
  

  Leafly’s Strain of the Year is an annual recognition given to a cannabis strain that the company says demonstrates significant market impact, innovation, and consumer appeal. The selection is based on Leafly’s internal data, including traffic growth, menu availability, and budtender recommendations, and is discussed in dedicated press releases.

• What happened to Leafly’s Nasdaq listing?
  

  Leafly announced that a Nasdaq Hearings Panel determined to delist the company’s common stock from The Nasdaq Stock Market LLC due to non-compliance with certain continued listing requirements. The company stated that trading on Nasdaq would be suspended effective January 17, 2025, and that it expected its common stock and warrants to begin trading on the OTC Pink Open Market under the symbols “LFLY” and “LFLYW” on that date.

• Is Leafly still a reporting company with the SEC?
  

  On Form 15 filed with the SEC, Leafly Holdings, Inc. certified the termination of registration of its common stock under Section 12(g) of the Securities Exchange Act of 1934 and the suspension of its duty to file reports under Sections 13 and 15(d). The filing indicates that the company relied on Rule 12g-4(a)(1) and Rule 12h-3(b)(1)(i).

• Does the transition to the OTC Pink Open Market affect Leafly’s operations?
  

  In its January 2025 announcement, Leafly stated that the transition of its securities to the OTC Pink Open Market would have no effect on the company’s business or operations. However, it also cautioned that there could be no assurance that a broker would continue to make a market in its securities or that trading would continue on an over-the-counter market or elsewhere.

• How does Leafly describe its role in the cannabis industry?
  

  Leafly describes itself as one of the world’s leading cannabis discovery marketplaces and a trusted educational resource. It highlights its large database of cannabis strains and store menus, millions of monthly readers, and tools that help connect consumers with cannabis retailers and brands.