Cannabis commerce platform Leafly Holdings started trading Monday on the public stock markets after completing its previously announced merger with special purpose acquisition company Merida Merger Corp. I.
Seattle-based Leafly is trading on the Nasdaq under the ticker symbol LFLY.
Merida Merger, sponsored by New York-based Merida Capital Holdings, adopted the Leafly name and is no longer trading as MCMJ.
The companies said last August that they expected that the combined entity would be valued at roughly $385 million with an equity value of approximately $532 million.
Merida shareholders initially were to vote on the proposed merger on Jan. 14, but that vote was delayed until Feb. 1., according to regulatory filings.
Stockholders overwhelmingly approved the merger.
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Leafly said in a news release that it:
- Is experiencing strong growth in retail accounts, revenue and profit margins.
- Has introduced new tools since the merger was announced, including enhanced iPhone and iPad applications enabling users to place pickup orders.
Yoko Miyashita will continue her role as CEO of Leafly, while Peter Lee, former president of Merida Merger Corp. I, will become a director of the new combined company.