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Leafly Holdings has completed its merger with Merida Merger Corp. I, now trading under the ticker symbol LFLY on NASDAQ starting February 7, 2022. This transaction enhances Leafly's position as a leading online cannabis marketplace. In Q3 2021, Leafly reported a significant year-over-year revenue growth and a 40% increase in retail accounts. The company aims to invest in technology and talent to drive growth, supported by substantial funding and a strengthened executive team.
Merida Merger Corp. I (NASDAQ: MCMJ) has adjourned its special meeting to approve a business combination with Leafly Holdings Inc. to February 1, 2022. The record date for stockholders entitled to vote remains December 28, 2021. Stockholders must vote by January 31, 2022, and those opting for redemption must do so by January 28, 2022. If approved, the merger will conclude shortly after the meeting, rebranding Merida to Leafly and listing under the symbol 'LFLY'. Additionally, Merida has filed a proxy statement reflecting a $30 million convertible note agreement.
Leafly has announced the appointment of Jeff Oberlander as Senior Vice President of Engineering, bringing over 30 years of software engineering experience. He previously held significant roles at Boeing, Washington Mutual, and Getty Images. Oberlander will lead Leafly's engineering team to enhance its platform for millions of users and thousands of retailers. This follows several leadership hires ahead of the intended merger with Merida Merger Corp. I (MCMJ). Leafly aims to assist over 125 million consumers in discovering cannabis this year.
Leafly Holdings Inc. and Merida Merger Corp. I (NASDAQ: MCMJ) announced a $30 million convertible note purchase agreement led by Cohanzick Management LLC. This financing aims to fully fund Leafly's multi-year business plan upon closing the merger. Furthermore, the stockholder vote scheduled for January 14, 2022 has been postponed to allow evaluation of the financing terms. The notes will have an interest rate of 8.00% per annum, maturing in 2025, and will be convertible at $12.50 per share. This financing is crucial for Leafly's growth trajectory as a public company.
Leafly has named Dosidos the 2021 Strain of the Year, highlighting its significant market impact and award-winning genetics. This cannabis strain, renowned for its classic OG stone effects, has seen a 10% rise in search traffic year-over-year, making it one of the top 20 most viewed strains on Leafly's platform. With more than 125 million visitors expected this year, Leafly's annual recognition emphasizes trends within the $18.3 billion legal cannabis industry, aimed at enhancing consumer awareness and sales for cannabis businesses.
Leafly Holdings reported a 14% revenue increase year-to-date, reaching
Leafly announced the appointment of Rebecca Warner as Senior Vice President of Sales, bringing over 14 years of experience from Zillow. Warner will oversee value creation for brands on the Leafly platform, which currently supports over 4,600 retailers and 7,800 brands. In 2020, the platform processed more than 4 million orders. This strategic hire aims to enhance Leafly's market position as it prepares for its merger with Merida Merger Corp. I (MCMJ). CEO Yoko Miyashita emphasized the importance of Warner's experience in unlocking Leafly's potential.
Leafly has released its first national-level Cannabis Harvest Report, which reveals that legal cannabis supports over 13,042 farms across 11 states and has a wholesale value of $6.2 billion, surpassing cotton's value. The report highlights that cannabis ranks as the fifth most valuable crop in the U.S., with annual harvests reaching 2,278 metric tons, equivalent to over 5 million pounds. Insights from the report indicate that cannabis is essential for American agriculture and has been overlooked by state and federal officials, impacting small farmers significantly.
