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Cannabis website Leafly to raise $30 million in fresh funding

(Reuters) – Cannabis marketplace Leafly is raising $30 million in a fresh funding round, it said in a filing on Wednesday, as the world’s biggest pot-related website taps strong investor appetite for companies in the burgeoning U.S. marijuana industry.

Seattle, Washington-based Leafly has said more than 120 million people use its website annually, with an exponential rise in popularity over the last year as several more U.S. states legalized medical or recreational use of marijuana.

Investor appetite for U.S. cannabis companies has also been supported by prospects of federal reforms, including full legalization of marijuana, after last year’s coronavirus lockdowns led a record number of people to take up cannabis use for medical or entertainment purposes.

Privately owned Leafly has raised almost $23 million of the total $30 million offering of convertible debt and equity in the latest fundraising, the company said in a filing here. It raised around $17 million in a fundraise in October 2020.

The company runs a pickup and delivery service, helps consumers find the right cannabis strain for different medical application, runs a dispensary locator and posts reviews on different cannabis products. Industry news forms a small part of its business.

Founded in 2010, Leafly was owned between 2012 and 2019 by Privateer Holdings, a cannabis-focused private equity group, and now operates as an independent business.

To Read The Rest Of This Article By Shariq Khan on Reuters

Published: June 17, 2021

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