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Leafly

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Leafly
Company typePublic
Nasdaq:LFLY
IndustryMedical & Adult Use Cannabis
FoundedIrvine, California,U.S. (June 13, 2010(2010-06-13))
FoundersCy Scott
Scott Vickers
Brian Wansolich
HeadquartersSeattle,Washington,U.S.
Key people
Websitewww.leafly.com

Leaflyis a website focused oncannabisuse and education.[3]The company says it has more than 120 million annual visitors and over 10 million monthly active users.[4]Leafly provides a wide range of information on cannabis including 1.5 million consumer product reviews, more than 9,000 cannabis articles and resources, and over 5,000 verified strains in its database.[4]Leafly additionally provides 4,500+ retailers and 8,000+ cannabis brands with e-commerce tools such as digital storefronts, embedded menus, point-of-sale integrations, targeted advertising, and more.[4]The company is headquartered inSeattle, Washingtonand from 2012 to 2019 was owned byPrivateer Holdings,a private equity firm focused on the emerging legal cannabis industry.[5][6][7]Leafly is now a publicly traded company with 160 employees.[4]

History

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Leafly was founded in June 2010 by Scott Vickers, Brian Wansolich, and Cy Scott.[8]The threeOrange Countyengineers recognized the need for a legitimate strain resource and began to build Leafly as a side project to their jobs as web developers.[8][9][10]Privateer Holdings acquired the company in 2011, at which time Brendan Kennedy became the company's CEO.[11][12][13]Meanwhile, the original founders left to launch a new company named Headset.[14]By July 2011 the website had received about 180,000 unique visitors and was growing at 30 percent per month.[10]In April 2012, Leafly reported about 2.3 million monthly visits and approximately 50,000mobile appdownloads per month.[9][15]In June 2016, the company announced that it received more than 6 million monthly visitors and 31 million page views across its website and mobile applications.[16]On August 2, 2014, Leafly became the first cannabis company to place an advertisement inThe New York Times.[17]

Leadership

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On November 6, 2017, Privateer Holdings announced the appointment of Chris Jeffery as CEO; he was formerly co-founder of food delivery service OrderUp,[18]He was replaced in 2018,.[19]

On March 4, 2019, the firm appointed former vice president ofAmazon Prime Video InternationalTim Leslie as its CEO.[20][21]He was replaced on August 18, 2020 by Yoko Miyashita, formerly the firm's General Counsel.[22]

Business model

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Leafly generatesrevenueby selling onlinedisplay advertisingand priority dispensary listing packages to companies in the cannabis industry.[9][23]Display advertising campaigns are sold on a Cost Per Impression model.[8][9]More than 4.5 million orders are placed with businesses on Leafly each year, generating $460 million in gross merchandise value (GMV) annually for Leafly partnered retailers.[4]

Use

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Leafly has three primary functions:

Strain explorer

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Patients and consumers use Leafly to search for cannabis strains according to medical use, such asanxietyornausea,and desired effects, likeeuphoriaorcreativity.[9][24]Relevant strains are then presented in a format similar to the periodic table. The table is color coded to identify whether the strain issativa,indica,or a hybrid of both. The problem is that almost every piece of strain data is incorrect and unverified[10][25]

Dispensary locator

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Patients can use their zip codes or city and state names to search for dispensaries, which are then displayed on a map of the area. The dispensary profiles include menus, reviews, photos, and store locations.[25][26][13]

Reviews

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Leafly users can write reviews of strains and products they have tried or dispensaries they have visited. For dispensaries and products, reviews consist of a brief comment section and a star rating system that is based on medication, service, and atmosphere. Strain reviews include desirable effects, attributes, and summary information.[26][15][12]

Mobile access

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Leafly has mobile applications for iOS and Android devices.[25][27][28][8][10]In 2021, the company launched a new iOS app that enables iPhone and iPad users to place pickup orders for cannabis in legal state markets.[29]

Statistics

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  • 220 million annual sessions[4]
  • 10+ million monthly active users[4]
  • 5,000+ strains in the Leafly database, sorted alphabetically and categorized by indica, sativa, and hybrid[4]
  • 1.5 million product reviews[4]
  • 9,000+ cannabis articles and resources[4]
  • 4,500+ retailers online with Leafly[4]
  • 8,000+ brands online with Leafly[4]
  • 4.5 million orders placed annually[4]
  • $460 million GMV[4]

References

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  1. ^"Tim Leslie Out as CEO of Leafly After 18 Months".
  2. ^"General Counsel Miyashita supplants Leslie as CEO at marijuana firm Leafly".18 August 2020.
  3. ^"Leafly: the web's ultimate cannabis resource".Engadget.Retrieved2021-07-14.
  4. ^abcdefghijklmn"About".Leafly.Retrieved2021-07-14.
  5. ^Eric Mortenson (January 25, 2013)."Investors and entrepreneurs have high expectations - sorry - for cannabis related businesses".Oregon Live.RetrievedMarch 26,2013.
  6. ^"Privateer Holdings Team".Privateer Holdings. Archived fromthe originalon March 16, 2013.RetrievedMarch 26,2013.
  7. ^Wagreich, Samuel (2013-02-25)."Meet the Man Funding the Cannabis Industry".Inc.com.Retrieved2021-07-14.
  8. ^abcdDorbian, Iris."Just In Time For Canada Day, Leafly Expands Order And Delivery System To Country".Forbes.Retrieved2021-07-14.
  9. ^abcdeTaylor Soper (October 31, 2012)."Leafly: Like Yelp and Consumer Reports... for medical marijuana".GeekWire.RetrievedMarch 26,2013.
  10. ^abcdDowns, David (July 6, 2011)."Leafly.com Classes Up The Joint".East Bay Express.
  11. ^Carole Bass (December 7, 2012)."Joint venture: these Yale MBAs want to put pot in every pot".Yale Alumni Magazine.RetrievedMarch 26,2013.
  12. ^ab"Groups waiting to cash in on pot sales in Washington".Fox 12 KPTV. February 14, 2013.RetrievedMarch 26,2013.
  13. ^abKim Murphy (December 9, 2012)."Plenty of smoke clouds the future of legalized pot in Washington".Los Angeles Times.RetrievedMarch 26,2013.
  14. ^"Leafly founders depart, raise cash for new marijuana business intelligence startup".GeekWire.2015-08-10.Retrieved2018-07-09.
  15. ^ab"The Audacity of Dope".The Economist. February 16, 2013.RetrievedMarch 26,2013.
  16. ^"Leafly: the web's ultimate cannabis resource".Engadget.AOL.
  17. ^Tom Huddleston Jr. (2 August 2014)."Marijuana advertiser finds a friend in The New York Times".Fortune.
  18. ^"Leafly Hires New CEO Chris Jeffery".Retrieved2018-07-09.
  19. ^Schaneman, Bart (September 26, 2018)."Cannabis company Leafly removes CEO over company management 'concerns'".Marijuana Business Daily.Marijuana Business Daily.RetrievedJanuary 3,2020.
  20. ^"Former Amazon Exec Tim Leslie Takes Over Leafly's C-Suite".finance.yahoo.com.Retrieved2019-03-07.
  21. ^Phartiyal, Sankalp (2018-03-12)."Amazon video service looking to expand Indian regional content".Reuters.Retrieved2021-07-14.
  22. ^"Meet Yoko Miyashita, CEO of Leafly".Leafly newsroom.2019-10-01.Retrieved2021-07-14.
  23. ^"The business of selling pot...legally".Marketplace.2012-12-27.Retrieved2021-07-14.
  24. ^"Investors see profit potential in new pot law".The Seattle Times.2012-12-01.Retrieved2021-07-14.
  25. ^abcCrook, Jordan (April 20, 2012)."Got Pot? Leafly Can Help".TechCrunch.
  26. ^abDeborah L. Jacobs (December 9, 2012)."Postcard from Seattle: New Clouds Hand Over The City As Pot Becomes Legal".Forbes.RetrievedMarch 26,2013.
  27. ^Downs, David (February 23, 2012)."Medical marijuana apps on the rise".Sacramento News & Review.
  28. ^Kirsten Johnson (December 14, 2012)."Obama's hands-off stance may move marijuana businesses forward".Puget Sound Business Journal.RetrievedMarch 26,2013.
  29. ^"Leafly Launches iPhone App to Purchase From Cannabis Dispensaries Online".Benzinga.2021-08-31.Retrieved2021-10-22.
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