Seattle-based Leafly raised $23M at a $1.7B Valuation

seattlebased 23m leafly 120mdeppengeekwire

Seattle-based Leafly raised $23M at a $1.7B Valuation

The recent legalization of marijuana has led to the boost of the cannabis market. Recently, the Seattle-based startup, Leafly raised $24 million in a fresh funding round. The round was led primarily by some existing investors. seattlebased 23m leafly 120mdeppengeekwire. However, the name of the investors was not disclosed. Currently, the company is valuated at $1.7 billion.  

The fresh cash infusion wasn’t a surprise as the cannabis market has witnessed an uprise in sales as more states have legalized pot. Even the dispensaries were declared essential businesses during the Covid pandemic.

With the funds raised, Leafly plans to expand its online marketplace. So that, customers and retailers can buy and sell cannabis at the click of a button. Not just this, the startup also serves as an educational resource. The online store has around 120 Million annual visitors. The company is even planning to use the fresh funds to increase the workforce which currently compromises 160 employees.

Leafly has followed a series of layoffs for the past few years. In 2020, it laid off 18% of its staff or 54 positions. Tim Leslie, then-CEO of the company attributed the cut to “market realities of the technology and cannabis sectors.”

The primary source of the company’s revenue is a monthly subscription fee paid by cannabis retailers to be listed on the platform in order to access e-commerce tools. Advertising is another source of income for Leafly.

Ever since the legalization of marijuana in many states of the USA, the cannabis industry saw a 71% increase in sales. As per a report, Americans spent about $18.3 billion on cannabis products in the year 2021. Leafly also added that with an acceleration in the cannabis market, the company will even invest the new funding to fuel marketing on the east coast, where several states have legalized marijuana.

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