Cannabis site Leafly to go public via SPAC merger
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.”
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