LEAFLY HOLDINGS INC - LFLY STOCK NEWS

The 2nd Annual Leafly Cannabis Harvest Report reveals that legal cannabis is valued at $5 billion, surpassing traditional crops like potatoes and rice. Conducted in partnership with Whitney Economics, the report analyzed cannabis production across 15 legal states, finding that adult-use cannabis farmers produced approximately 2,834 metric tons in 2022, supporting over 13,297 farms. However, cannabis farmers face significant barriers, such as a lack of banking access and federal prohibition, which hampers their economic potential.

Leafly Holdings, Inc. (LFLY) has appointed Carlos Pinto as Chief Commercial Officer, effective immediately. Pinto, with over 20 years of experience in digital media and business development, will oversee sales, marketing, and content strategies aimed at increasing revenue generation. His previous role was at Adnet Global, and he has also worked at Getty Images. This leadership change follows Leafly's recent NASDAQ listing, signaling a strategic move to solidify its market presence and enhance product offerings in the cannabis sector.

Leafly Holdings, Inc. (LFLY) celebrated the 2nd Annual International Budtender Day with a networking event in Hoboken, NJ. This event highlighted the essential role of budtenders in the cannabis industry and featured training sessions led by Leafly experts.

Two winners of a nationwide contest for exemplary budtenders were announced: Mandi Drake from Verilife and Jacquelyn McTighe from Youngtown Curaleaf. Leafly’s educational platform, launched in 2019, has enrolled over 13,000 budtenders across North America.

Leafly (NASDAQ: LFLY) announced a headcount reduction of 56 positions, representing 21% of its workforce, to enhance its long-term financial health. The company expects annual cash operating costs to decrease by approximately $16 million, starting in 2023, alongside a one-time restructuring charge of $500,000 in Q4 2022. Preliminary Q3 2022 revenue is estimated at $11.8 million, showing 8% year-over-year growth, while Adjusted EBITDA loss is projected between $(6.0) million and $(5.0) million.

Uber Eats and Leafly have launched a partnership to offer legal cannabis delivery in Toronto, starting October 17, 2022. This marks the first major third-party delivery platform to facilitate cannabis orders, allowing residents aged 19 and older to order from local licensed retailers via the Uber Eats app. Delivery will be handled by CannSell certified staff, ensuring compliance with local regulations. This initiative aims to combat the illegal cannabis market, which constitutes over 50% of sales in Ontario, and to enhance road safety by reducing impaired driving.

Leafly (NASDAQ: LFLY) has launched new advertising products to enhance retailer visibility. The additions include Homepage Marquee and Strain List Marquee ads, alongside the innovative Strain Page Feature Ad, which utilizes effects-based product matching technology. These new features aim to improve retail sales by allowing retailers to target consumers more effectively. Leafly’s enhanced advertising suite offers tools for better targeting and engagement throughout the shopping journey, optimizing connections between consumers and cannabis products.

Leafly Holdings, Inc. (NASDAQ: LFLY) reported Q2 2022 revenue of $12.1 million, a 13.8% increase year-over-year. Ending retail accounts rose 19% to 5,251, with retailer revenue up 11.3% and brand revenue increasing 22.2%. Despite these gains, total operating expenses surged 83.9% to $19.5 million. The company expects full-year revenue between $48.0 and $51.0 million, with an adjusted EBITDA loss projected at $26.0 to $28.5 million. Leafly is implementing cost-cutting measures in response to macroeconomic challenges.

Leafly Holdings, Inc. (NASDAQ: LFLY) has launched a new initiative, the Leafly + University program, allowing accredited cannabis researchers to access extensive cannabis datasets at no cost. This program aims to enhance research surrounding cannabis, which is vital as the cultural and legal landscapes evolve. The data includes cannabinoid and terpene profiles and consumer reviews, ensuring privacy by excluding identifiable customer information. This move follows a successful collaboration with the University of Colorado Boulder, which highlighted inconsistencies in cannabis product labeling.

Leafly Holdings, Inc. (NASDAQ: LFLY) will release its financial results for Q2 2022 on August 11, 2022, after market close. A webcast discussing the results is scheduled for 1:30 p.m. PT (4:30 p.m. ET) on the same day. Leafly offers a platform that aids cannabis consumers in making informed choices and provides businesses with tools for customer engagement through advertising and technology. The earnings webcast can be accessed via Leafly's Investor Relations website.