Leafly Holdings, Inc. (LFLY): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el mercado de cannabis en rápida evolución, Leafly Holdings, Inc. (LFLY) se ha convertido en una plataforma digital innovadora que transforma la forma en que los consumidores descubren, entienden e interactúan con los productos de cannabis. Al combinar ingeniosamente la tecnología, el contenido generado por el usuario y la información integral de la tensión, Leafly ha creado un modelo de negocio único que sirve como un puente crítico entre los consumidores de cannabis, los dispensarios y las marcas. Esta profundidad de inmersión en el lienzo del modelo de negocio de Leafly revela una estrategia sofisticada que aprovecha la innovación digital para revolucionar la información del cannabis y el panorama del mercado.

Leafly Holdings, Inc. (LFLY) - Modelo de negocios: asociaciones clave

Dispensarios y minoristas de cannabis

Leafly mantiene asociaciones con 4,247 dispensarios de cannabis en América del Norte a partir del cuarto trimestre de 2023. La red de la compañía incluye:

Región	Número de dispensarios
Estados Unidos	3,892
Canadá	355

Plataformas tecnológicas y desarrolladores de aplicaciones

Leafly colabora con múltiples socios de tecnología para mejorar la infraestructura digital:

• Integrado con 17 sistemas de punto de venta (POS)
• Conexiones API con 6 plataformas principales de tecnología de cannabis
• Aplicación móvil disponible en iOS y Android con 1.2 millones de usuarios mensuales activos

Marcas y cultivadores de cannabis

Las asociaciones de marca de Leafly incluyen:

Tipo de asociación	Número de socios
Marcas de cannabis	412
Cultivadores con licencia	287

Redes de marketing y publicidad digital

Las asociaciones publicitarias abarcan:

• 6 principales redes de publicidad digital
• Alcance publicitario programático de 78 millones de impresiones digitales únicas mensualmente

Plataformas de información y educación de cannabis

Las asociaciones educativas incluyen:

• Colaboración con 22 instituciones de investigación de cannabis
• Asociaciones de contenido con 14 plataformas de medios centradas en el cannabis

Leafly Holdings, Inc. (LFLY) - Modelo de negocio: actividades clave

Mercado de cannabis y descubrimiento de productos

A partir del cuarto trimestre de 2023, Leafly opera un mercado digital con más de 5,800 dispensarios de cannabis y más de 20,000 listados de productos en América del Norte.

Métrico del mercado	Recuento total
Conexiones dispensarias	5,800+
Listados de productos	20,000+

Sistemas de revisión y calificación del usuario

Leafly mantiene una plataforma integral de contenido generada por el usuario con información verificada del consumidor.

• Revisiones totales de los usuarios: 2.5 millones
• Compromiso de plataforma mensual promedio: 350,000 interacciones únicas de usuario
• Tasa de verificación de revisión: 78%

Servicios de publicidad y marketing digital

Leafly generó $ 28.4 millones en ingresos por marketing digital en 2023, lo que representa un aumento de 12% año tras año.

Ingresos por marketing	Cantidad
2023 Ingresos totales	$ 28.4 millones
Crecimiento año tras año	12%

Agregación de información sobre cepas y productos de cannabis

La base de datos de Leafly contiene información completa sobre más de 7,500 cepas únicas de cannabis y variantes de productos.

• Perfiles de deformación total: más de 7,500
• Cobertura de categoría de productos: 15 categorías distintas
• Cobertura del mercado geográfico: 22 estados de EE. UU. Y provincias canadienses

Desarrollo y mantenimiento de la plataforma tecnológica

Leafly invirtió $ 6.2 millones en infraestructura tecnológica y desarrollo de plataformas en 2023.

Inversión tecnológica	Cantidad
2023 Gastos de tecnología	$ 6.2 millones
Tiempo de actividad de la plataforma	99.94%

Leafly Holdings, Inc. (LFLY) - Modelo de negocio: recursos clave

Plataforma de mercado digital patentado

Plataforma digital con 2,750,000 usuarios registrados a partir del tercer trimestre 2023. La plataforma admite 5,600 dispensarios de cannabis y 7,300 marcas de cannabis en América del Norte.

Métrica de plataforma	Datos cuantitativos
Total de usuarios registrados	2,750,000
Dispensarios conectados	5,600
Marcas compatibles	7,300

Extensa tensión de cannabis y base de datos de productos

La base de datos contiene 9,200 perfiles únicos de tensión de cannabis y 48,000 listados de productos en múltiples categorías.

• Perfiles de tensión total: 9,200
• Categorías de productos: 6
• Listados totales de productos: 48,000

Contenido y reseñas generados por el usuario

La plataforma presenta 1,340,000 revisiones generadas por el usuario con una tasa de participación promedio de 12.4% por mes.

Métrico de contenido	Datos cuantitativos
Revisiones totales de los usuarios	1,340,000
Tasa de compromiso mensual	12.4%

Tecnología de marketing digital

El algoritmo de recomendación de propiedad procesa 3.2 millones de interacciones mensuales del usuario con una precisión del 98,6%.

• Interacciones mensuales del usuario: 3,200,000
• Precisión de algoritmo: 98.6%
• Cobertura de personalización: 87% de los usuarios de la plataforma

Relaciones de marca en la industria del cannabis

La red incluye 7.300 marcas de cannabis con un 92% de acuerdos de asociación recurrentes.

Métrica de relación de marca	Datos cuantitativos
Marcas totales asociadas	7,300
Tasa de asociación recurrente	92%
Ingresos anuales de asociación	$4,600,000

Leafly Holdings, Inc. (LFLY) - Modelo de negocio: propuestas de valor

Descubrimiento integral de productos de cannabis

A partir del cuarto trimestre de 2023, la plataforma de Leafly presenta más de 7,500 cepas de cannabis y más de 126,000 listados de productos en los mercados norteamericanos.

Cobertura del mercado	Número de cepas	Listados de productos
Estados Unidos	5,800	98,000
Canadá	1,700	28,000

Información detallada de tensión e productos

Leafly proporciona Información de tensión de respaldo científico incluido:

• Perfiles de cannabinoides
• Composiciones de terpeno
• Relevancia de condición médica
• Efectos potenciales

Revisiones y recomendaciones de los consumidores

Los datos de la plataforma muestran 2.3 millones de revisiones generadas por el usuario a diciembre de 2023, con una tasa de participación promedio del 18.5% por lista de productos.

Métrico de revisión	Volumen total
Revisiones totales de los usuarios	2,300,000
Revisiones promedio por producto	18.4

Mercado digital fácil de usar

Estadísticas de plataforma digital para 2023:

• Usuarios activos mensuales: 1.7 millones
• Descargas de aplicaciones móviles: 680,000
• Duración promedio de la sesión: 7.3 minutos

Conectando a los consumidores con dispensarios locales

La red de dispensario de Leafly a partir del cuarto trimestre 2023:

Región	Dispensarios conectados
Estados Unidos	2,450
Canadá	680

Leafly Holdings, Inc. (LFLY) - Modelo de negocios: relaciones con los clientes

Plataforma digital de autoservicio

La plataforma digital de Leafly proporciona 5,123,647 usuarios registrados con acceso directo a la información del producto de cannabis y listados de dispensarios a partir del cuarto trimestre de 2023.

Métrica de plataforma	Datos cuantitativos
Visitantes mensuales únicos	15.2 millones
Duración de la sesión promedio	4.7 minutos
Uso de la plataforma móvil	62% del tráfico total

Sistemas de revisión impulsados ​​por la comunidad

Leafly aloja 2.347.891 revisiones de productos generados por el usuario en su plataforma en 2023.

• Calificación de revisión promedio: 4.3/5 estrellas
• Revisiones de dispensario total: 876,543
• Nuevas revisiones promedio mensuales: 54,217

Recomendaciones de productos personalizadas

El algoritmo de aprendizaje automático genera sugerencias personalizadas basadas en 3.6 millones de perfiles de preferencia de usuario.

Participación del usuario a través de la aplicación móvil

Las descargas de aplicaciones móviles alcanzaron 1.247.890 a diciembre de 2023.

Métricas de compromiso de aplicaciones móviles	Datos cuantitativos
Usuarios activos diarios	387,654
Usuarios activos mensuales	1,102,345

Contenido y recursos educativos

Leafly publicó 4.876 artículos educativos y guías de tensión en 2023.

• Vistas de contenido educativo total: 22.3 millones
• Tiempo promedio de compromiso de contenido: 6.2 minutos
• Categorías de contenido:
  • Información sobre la tensión
  • Uso médico
  • Ciencia del cannabis

Leafly Holdings, Inc. (LFLY) - Modelo de negocio: canales

Aplicación móvil

A partir del cuarto trimestre de 2023, la aplicación móvil de Leafly reportó 2.1 millones de usuarios activos mensuales. La aplicación está disponible en plataformas iOS y Android, con 4.5 millones de descargas totales de aplicaciones.

Plataforma	Descargas totales	Clasificación
iOS	1.8 millones	4.6/5
Androide	2.2 millones	4.4/5

Plataforma web

Leafly.com recibe 8.3 millones de visitantes mensuales únicos con una duración de sesión promedio de 4.7 minutos.

Métrico de tráfico web	Valor
Visitantes únicos mensuales	8.3 millones
Duración de la sesión promedio	4.7 minutos

Redes de redes sociales

Leafly mantiene la presencia activa de las redes sociales en múltiples plataformas:

Plataforma	Seguidores
Instagram	285,000
Gorjeo	132,000
Facebook	210,000

Publicidad digital

Leafly asignó $ 3.2 millones a la publicidad digital en 2023, dirigida a los consumidores de cannabis a través de canales programáticos y directos.

• Gasto de anuncios programáticos: $ 1.8 millones
• Publicidad digital directa: $ 1.4 millones

Redes de dispensario de socios

Leafly se conecta con 6.500 dispensarios de cannabis con licencia en 38 estados y territorios.

Métrico de red	Valor
Socios dispensarios totales	6,500
Estados cubiertos	38
Listados de productos mensuales promedio	125,000

Leafly Holdings, Inc. (LFLY) - Modelo de negocio: segmentos de clientes

Consumidores de cannabis

A partir del cuarto trimestre de 2023, Leafly reportó 8.3 millones de usuarios activos mensuales en su plataforma.

Segmento demográfico	Porcentaje de usuarios
18-34 años	52%
35-54 años	35%
55+ años	13%

Pacientes con marihuana medicinal

En 2023, la plataforma de Leafly cubrió pacientes con marihuana medicinal en 38 estados con programas legales de cannabis medicinal.

• Base de pacientes de cannabis medicinal estimado: 6.5 millones de usuarios
• Gasto promedio de cannabis medicinal mensual: $ 226 por paciente

Usuarios de cannabis recreativos

A partir de 2023, el cannabis recreativo era legal en 23 estados.

Categoría de usuario	Porcentaje
Usuarios ocasionales	42%
Usuarios regulares	33%
Usuarios frecuentes	25%

Entusiastas del cannabis

La plataforma de Leafly atiende a 2,1 millones de entusiastas de cannabis activamente comprometidos con revisiones de tensión e información de productos.

• Tiempo promedio de participación de la plataforma: 17.5 minutos por sesión
• Contenido generado por el usuario: 450,000 revisiones de tensión y productos

Consumidores de cannabis por primera vez y experimentados

Leafly informó servir a los consumidores de cannabis novatos y experimentados en su plataforma digital.

Nivel de experiencia del consumidor	Porcentaje de usuarios de plataforma
Consumidores por primera vez	22%
Consumidores intermedios	45%
Consumidores experimentados	33%

Leafly Holdings, Inc. (LFLY) - Modelo de negocio: Estructura de costos

Desarrollo y mantenimiento de la tecnología

Para el año fiscal 2023, Leafly reportó tecnología y gastos de desarrollo de $ 7.4 millones, lo que representa el 31.2% de los gastos operativos totales.

Categoría de gastos	Monto ($)	Porcentaje de costos tecnológicos totales
Desarrollo de software	4,100,000	55.4%
Infraestructura en la nube	1,850,000	25%
Ciberseguridad	750,000	10.1%
Mantenimiento de la tecnología	700,000	9.5%

Gastos de marketing y publicidad

Los gastos de marketing para Leafly en 2023 totalizaron $ 12.6 millones, lo que representa el 53.2% de los gastos operativos totales.

• Publicidad digital: $ 6,300,000
• Marketing de contenido: $ 2,800,000
• Campañas de redes sociales: $ 1,900,000
• Patrocinios de eventos: $ 1,600,000

Infraestructura de plataforma

Los costos de infraestructura de la plataforma para 2023 fueron de $ 3.2 millones, lo que representa el 13.5% de los gastos operativos totales.

Componente de infraestructura	Monto ($)	Porcentaje de costos de infraestructura
Alojamiento de servidor	1,600,000	50%
Gestión de redes	800,000	25%
Mantenimiento del centro de datos	480,000	15%
Sistemas de respaldo	320,000	10%

Creación y curación de contenido

Los gastos relacionados con el contenido para 2023 ascendieron a $ 2.1 millones.

• Actualizaciones de la base de datos de cepa de cannabis: $ 850,000
• Escritura de contenido profesional: $ 650,000
• Gestión de contenido generado por el usuario: $ 400,000
• Salarios de equipo editorial: $ 200,000

Costos operativos y administrativos

Los gastos operativos para Leafly en 2023 fueron de $ 4.3 millones.

Categoría operativa	Monto ($)	Porcentaje de costos operativos
Salarios de personal	2,580,000	60%
Sobrecarga de la oficina	860,000	20%
Legal y cumplimiento	430,000	10%
Servicios profesionales	430,000	10%

Leafly Holdings, Inc. (LFLY) - Modelo de negocio: flujos de ingresos

Ingresos publicitarios digitales

Q3 2023 Ingresos de publicidad digital: $ 2.1 millones

Categoría publicitaria	Ingresos ($)
Anuncios de la marca de cannabis	1,200,000
Anuncios dispensarios	650,000
Anuncios de productos auxiliares	250,000

Tarifas de transacción del mercado

Volumen de transacción del mercado anual: $ 18.5 millones

• Tasa de tarifas de transacción: 5-7%
• Ingresos de tarifas de transacción total: $ 925,000 a $ 1.3 millones

Licencias de datos e información

Producto de datos	Ingresos anuales ($)
Insights de comportamiento del consumidor	750,000
Informes de tendencia del mercado	450,000

Servicios de suscripción premium

Ingresos de suscripción para 2023: $ 1.6 millones

• Nivel estándar: $ 4.99/mes
• Nivel premium: $ 9.99/mes
• Total de suscriptores: 35,000

Comisiones de marketing de afiliación

Ingresos totales de marketing de afiliación: $ 750,000

Categoría de afiliación	Ingresos de la Comisión ($)
Referencias de productos	450,000
Referencias de dispensario	300,000

Leafly Holdings, Inc. (LFLY) - Canvas Business Model: Value Propositions

You're looking at the core value Leafly Holdings, Inc. delivers across its key customer segments. Honestly, it's about being the indispensable digital layer in the regulated cannabis market, connecting information seekers with product sellers.

For Consumers: Comprehensive, trusted cannabis information and product discovery.

Leafly Holdings, Inc. provides an unmatched depth of educational content. This is the foundation of their consumer proposition. The platform's content library is extensive, featuring over 5,000 unique cannabis strains and product variants, supported by over 1.3 million user-generated strain, dispensary, and product reviews. Also, their commitment to industry news is evident, with over 11,000 news and information articles available. This wealth of data helps shoppers make informed purchasing decisions.

For Consumers: Seamless online ordering and delivery options via local retailers.

The platform drives significant traffic directly toward transactions. More than 125 million people visit Leafly each year specifically to learn about cannabis and order online with local businesses. This positions Leafly as a critical funnel, translating information consumption into direct commerce opportunities with licensed retailers.

For Retailers: Customer acquisition and a digital storefront with 3,300+ paid accounts.

For cannabis retailers, Leafly offers a direct line to active consumers. The platform functions as a primary digital storefront, driving customer acquisition through its marketplace listings. As of the end of 2024, Leafly maintained over 3,300 paid retail accounts, demonstrating a significant base of subscribing businesses relying on the platform for visibility. This segment is a core revenue driver, with retail revenue making up the majority of total revenue; for instance, retail revenue was $7.4 million in Q3 2024.

Here's a quick look at the financial context surrounding these retail relationships as of early 2025:

Metric	Value (as of Q1 2025 or TTM Mar 2025)
Ending Retail Accounts (as of end of 2024)	Over 3,300
Trailing 12-Month Revenue (as of 3/31/2025)	$33.5M
Q1 2025 Revenue	$7.88 million

For Brands: Targeted digital advertising and visibility to in-market consumers.

Cannabis brands gain targeted exposure to an engaged audience. Leafly Holdings, Inc. provides advertising solutions that place their products in front of consumers actively looking to purchase. In 2024, the platform attracted an average of 5.1 million monthly visitors, a large portion of whom are in-market. Brand revenue, which includes advertising, was $1.0 million in Q3 2024, showing the direct monetization of this visibility.

For Retailers: Automated menu and inventory management via POS integrations.

Leafly Holdings, Inc. helps retailers streamline operations by integrating its platform with their existing systems. This value proposition centers on efficiency, reducing manual updates for menus and inventory, which is critical in a fast-moving retail environment. The platform's subscription model is designed to offer these technology services alongside marketplace listings. The company's focus on operational rigor is reflected in its cost management, with operating expenses decreasing to $8.32 million in Q1 2025 from $9.82 million the prior year, showing a commitment to efficient service delivery.

The core services offered to retailers include:

• Subscription-based marketplace listings.
• Digital advertising solutions.
• Software as a service-based tools.

Finance: draft 13-week cash view by Friday.

Leafly Holdings, Inc. (LFLY) - Canvas Business Model: Customer Relationships

You're looking at how Leafly Holdings, Inc. (LFLY) manages its connections with the millions of people and thousands of businesses that rely on its platform as of late 2025. Given the shift to the OTC Pink Open Market in January 2025 and the intense focus on cost discipline, the relationship strategy leans heavily on scalable digital interaction for the masses while tightening the focus on high-value B2B partners.

Automated self-service tools for consumers and basic retailer accounts

For the broad consumer base, the relationship is almost entirely self-service, driven by the platform's content authority. Leafly Holdings, Inc. attracted an average of 5.2 million total visits in October 2025, up slightly from the 5.1 million average monthly visitors recorded in 2024. This massive volume is managed through automated discovery tools, allowing users to find product information and connect with local dispensaries without direct human intervention. Basic retailer accounts likely rely on automated billing and self-serve profile updates, which is crucial when the company is prioritizing operational rigor and cost reduction.

The self-service model extends to how Leafly presents its offerings:

• Consumers use the platform to discover products and place orders with legal retailers.
• Basic retailer listings are maintained through automated data feeds or simple portal updates.
• The platform's ability to handle over 125 million annual visitors is a testament to its scalable, automated infrastructure.

Dedicated sales and account management for high-value B2B clients

For the paying B2B segment-the retailers and brands-the relationship shifts to a more managed approach, especially for those driving significant revenue. While the company has been aggressively cutting costs, including facing going-concern questions related to debt maturity in July 2025, retaining and growing the revenue from existing high-value partners is paramount. The Retail Average Revenue Per Account (ARPA) was reported at $672 year-over-year (based on Q4 2023/early 2024 data), a figure management actively seeks to increase through targeted price increases and upselling add-on products.

This dedicated management focuses on:

• Securing and growing the paid retail accounts, which numbered over 3,300 by the end of 2024.
• Providing brand partners with tools for campaign creation, tracking, and audience segmentation to maximize their advertising spend.
• Ensuring high-value clients are supported to prevent churn, which management cited as a challenge impacting revenue.

Community-driven content and user-generated reviews

The core of the consumer relationship is built on trust derived from community contributions. Leafly Holdings, Inc. actively fosters this by prioritizing user-generated content, even when it includes negative feedback that might deter an advertising partner. This commitment to transparency is a key differentiator. The platform's content library is extensive:

Content Metric	Data Point (Latest Available)
Cannabis Strains in Database	Over 5,000
User-Generated Reviews (Total)	Over 1.3 million
News and Information Articles	Over 11,000

This content engine drives organic traffic and keeps the consumer relationship sticky. The company's approach is to refuse to remove legitimate negative reviews, which, while risking some advertiser relationships, solidifies trust with the consumer base.

Focus on customer acquisition to regrow the retail network

Following a period of rightsizing, the focus has clearly shifted to strategic acquisition and stabilization of the B2B network. Management noted that the decline in ending retail accounts flattened sequentially in the third quarter of 2024, signaling that the most severe contraction might be over. This followed a period where the company reduced retail accounts by 30% to remove underperforming partners.

The current acquisition strategy involves:

• Focusing on local market strategies to secure the right supply of retailers and brands market-by-market.
• Exploring strategic initiatives to expand the brand and retailer client base from this stabilized revenue base.
• Leveraging the high consumer traffic-5.2 million monthly visits in October 2025-as the primary magnet for new retail sign-ups.

If onboarding new retailers takes longer than expected, churn risk rises, especially given the financial pressures the company faces.

Leafly Holdings, Inc. (LFLY) - Canvas Business Model: Channels

You're looking at how Leafly Holdings, Inc. gets its value proposition-information and marketplace access-out to both consumers and business clients. The channel strategy is heavily digital, but it relies on a direct sales component to manage the B2B side of the marketplace.

Primary Website, Leafly.com, for Information and Marketplace Access

Leafly.com is the core destination. It functions as the world's most trusted cannabis resource, which is a key driver for traffic. In September 2025, the site pulled in 6.8M visits globally. That's a solid number, showing continued consumer interest in their educational content and product discovery tools. The engagement metrics for that month showed an average session duration of 08:32 and users viewed 2.72 pages per visit, though the bounce rate was still around 60.24%. To put that in perspective, as of October 2025, Leafly.com held a global rank of #10,944 and a United States rank of #2,707. The content library itself is a channel asset, boasting over 5,000 cannabis strains detailed, more than 1.3 million user-generated strain, dispensary, and product reviews, and over 11,000 news and information articles. Honestly, more than 125 million people visit Leafly each year, so the scale of the platform is defintely significant for reaching the end-user.

Here's a quick snapshot of the website performance for the latest reported period:

Metric	Value (October 2025 Estimate)	Source Period
Global Rank	#10,944	October 2025
US Rank	#2,707	October 2025
Total Visits	5.2M	October 2025 (3-month trend)
Average Visit Duration	00:02:39	October 2025
Pages per Visit	3.57	October 2025

Mobile Applications (iOS and Android) for Consumer Engagement

The mobile apps on iOS and Android are crucial for keeping users engaged on the go. While the platform has 5M+ total downloads on Android alone, the ecosystem is supported by strong user activity. One report indicated over 2.3 million unique users visited Leafly monthly, with 50,000 mobile app downloads noted in a specific period. The app serves as a direct line to the world's largest strain library, featuring over a million strain reviews. This direct access helps users make data-driven decisions before they even step into a store or place an order.

Key mobile engagement features include:

• Access to the strain library with over 1 million reviews.
• Dispensary finder with real-time deals.
• Ability to browse products by desired effects and feelings.
• Access to Leafly News and Learn content.

Direct Sales Team for Onboarding and Managing B2B Clients

The B2B side, which drives the Retail and Brand revenue streams, is managed through a direct sales force. This team is responsible for onboarding retailers onto the subscription and advertising tools. As of the third quarter of 2024, Leafly Holdings, Inc. reported ending retail accounts at 3,554. That number reflects the company's focus on quality over quantity, as they noted a reduction in lower ARPA accounts. The focus on high-value accounts is working; the retailer average revenue per account (ARPA) increased by 8% to $695 in Q3 2024. The sales team manages these relationships, which generated $7.4 million in retail revenue during that same quarter.

Integrated POS Systems for Real-Time Data Exchange

To make the marketplace truly functional for retailers, Leafly offers a suite of Software as a Service (SaaS)-based tools that include integrations with selected Point of Sale (POS) systems. This is where the real-time data exchange happens, ensuring inventory and pricing are current for the consumer browsing on Leafly.com or the app. Leafly provides these integrations, which allow for automatic real-time POS sync, at no cost regardless of the POS system used. This removes a significant barrier to entry for retailers wanting to connect their in-store operations to the Leafly marketplace. Key integration partners mentioned include Cova and Flowhub, which help automate compliance and inventory updates.

The POS integration channel enables several critical functions for B2B clients:

• Automatic real-time synchronization with the retailer's POS.
• Ensuring up-to-date inventory and pricing visibility on Leafly menus.
• Allowing retailers to manage order reservation operations directly.
• Providing dashboards and analytics to help with sales decisions.

Finance: draft 13-week cash view by Friday.

Leafly Holdings, Inc. (LFLY) - Canvas Business Model: Customer Segments

You're looking at the core audience for Leafly Holdings, Inc. as of late 2025. Honestly, the business model is a classic two-sided marketplace, but the financial pressures mean the focus on which customers pay and how much they pay is absolutely critical right now.

Cannabis Consumers seeking product information and local purchasing options

This group is the foundation, the traffic that makes the platform valuable to paying partners. They come for the content, which is Leafly's original strength. In 2024, for example, Leafly Holdings, Inc. attracted an average of 5.1 million monthly visitors, many engaging with the strains database and news coverage. This massive top-of-funnel audience is what Leafly Holdings, Inc. sells access to.

Licensed Cannabis Retailers in legal US states and Canada

These are the subscribers and the primary revenue drivers from the marketplace side. As of December 31, 2024, Leafly Holdings, Inc. hosted over 14,000 retail listings across the legal US and Canadian markets. Still, the count of paying partners has been shrinking; the number of ending retail accounts decreased by 12% year-over-year, according to the Q3 2025 report data. To be fair, the remaining, higher-value accounts are proving stickier, as the Retailer Average Revenue Per Account (ARPA) actually increased by 1% year-over-year, driven by removing lower-tier accounts. They monetize this segment through subscription packages bundling e-commerce software and advertising solutions.

Cannabis Brands looking for digital advertising and consumer reach

Brands use the platform to reach the consumer traffic we just discussed, primarily through advertising solutions. This segment has been under pressure lately. The Brands revenue segment saw a significant pullback, decreasing by 20% in the third quarter of 2025, largely due to reduced spending from brand customers facing macro headwinds. As of the end of 2024, only 3,300 of the total retail listings were specifically paid brand accounts.

Here's a quick look at how the key paying segments are performing based on the latest available figures:

Metric	Customer Segment	Latest Reported Value
Ending Retail Accounts (YoY Change)	Licensed Cannabis Retailers	-12% decrease
Retailer ARPA (YoY Change)	Licensed Cannabis Retailers	+1% increase
Brands Revenue (YoY Change)	Cannabis Brands	-20% decrease
Total Retail Listings	Licensed Cannabis Retailers	Over 14,000 (as of 12/31/2024)

Strategic investors and capital providers managing debt obligations

This segment isn't a traditional customer, but they are a critical stakeholder group whose needs dictate the company's immediate survival strategy. You know the situation: the company faced substantial doubt about its ability to continue as a going concern. The primary focus here is the 2022 Notes, which had a principal amount of $29.4 million and were extended to mature on July 1, 2025, contingent upon a 12.5% principal reduction. Cash on hand was tight, with cash and cash equivalents reported at $8.64 million as of March 31, 2025, down from $14.53 million at the end of 2024. Furthermore, the company had an accumulated deficit of $79.9 million at December 31, 2024. The move to trade on the OTCPK after being delisted from Nasdaq on January 17, 2025, was a direct response to these financial constraints and the need to save costs associated with being public. As of May 5, 2025, there were 3,137,380 shares of common stock outstanding.

The near-term action for management is clearly focused on satisfying these capital providers, which is why they are exploring options like going private to reduce the operating expense burden.

• The company is actively managing its capital structure, including converting portions of the 2022 Notes to equity.
• The management is considering taking the Company private to save significant costs.
• The company filed post-effective amendments on March 12, 2025, to deregister unsold securities as a prerequisite to suspending reporting obligations.
• The total employee count was down to 107 as of March 30, 2025.

Finance: draft 13-week cash view by Friday.

Leafly Holdings, Inc. (LFLY) - Canvas Business Model: Cost Structure

You're looking at the cost structure for Leafly Holdings, Inc. as of late 2025. It's a tight ship right now, with management clearly focused on trimming expenses while managing significant debt obligations.

Technology and product development expenses show a continued investment, though likely scrutinized. For the three months ended March 31, 2025, Product development costs were reported at $2.205 million (or $2,205 thousand). This compares to $2.533 million (or $2,533 thousand) in the same period of 2024, indicating some moderation in this area.

Sales and marketing costs are definitely being reduced. This line item for the first quarter of 2025 was $2.149 million (or $2,149 thousand). That's down from $2.563 million (or $2,563 thousand) in Q1 2024, showing a clear push for operational rigor.

General and administrative expenses were explicitly stated as totaling $8.32 million in Q1 2025. This figure appears to align closely with the reported Total operating expenses for the quarter, which were $7.996 million (or $7,996 thousand) based on the detailed breakdown of operating costs for the three months ended March 31, 2025.

The interest burden from debt is a real cost factor. Leafly Holdings, Inc. has outstanding 8.00% Convertible Senior Notes due in 2025, with the maturity date extended to July 1, 2025. A significant cash outlay occurred on January 21, 2025, which included a $1.118 million interest payment and a $3.678 million principal prepayment on these notes. The notes bear interest at 8% annually.

The costs associated with being a public company are a known pressure point, leading management to explore strategic options. Specifically, management is considering potentially taking the company private as a way to reduce these ongoing public entity costs.

Here is a snapshot of the operating expense components for the three months ended March 31, 2025, derived from the detailed financial reporting:

Expense Category	Amount (in thousands USD)
Sales and marketing	2,149
Product development	2,205
General and administrative	3,642
Total operating expenses	7,996

You should keep an eye on the cash flow implications of these fixed and variable costs, especially given the near-term debt maturity. Finance: draft 13-week cash view by Friday.

Leafly Holdings, Inc. (LFLY) - Canvas Business Model: Revenue Streams

You're looking at how Leafly Holdings, Inc. actually brings in the money, which is key for any deep dive into their structure. The core of their revenue generation relies on their position as a multi-sided marketplace connecting consumers, retailers, and brands in the regulated cannabis space.

The overall financial picture shows some top-line pressure recently. The Trailing Twelve Month (TTM) revenue as of Q1 2025 was reported at $33.47 million. This compares to the full-year 2024 revenue of $34.642 million. For the first quarter of 2025, revenue specifically came in at $7.88 million.

Here's a quick look at how the revenue streams break down based on the components they charge for, which are subscription fees, digital advertising, and software tools. The business model evolution points toward a content-first, community-driven marketplace connecting consumers with brands and licensed retailers.

The revenue streams are primarily derived from:

• Subscription fees from licensed cannabis retailers for marketplace listings.
• Digital advertising revenue from cannabis brands.
• Software-as-a-Service (SaaS) fees for retailer tools.

To give you a sense of the relative size of the retail versus brand components, even though the most recent 2025 segment data isn't fully public, we can look at the Q1 2024 figures, which showed the retail side was the dominant contributor. If onboarding takes 14+ days, churn risk rises, which directly impacts these subscription and SaaS fees.

Here's a table showing the reported revenue segmentation from earlier periods to illustrate the composition:

Revenue Component Type	Reported Period	Revenue Amount (USD)
TTM Revenue (as of Q1 2025)	Q1 2025 TTM	$33.47 million
Retail Revenue	Q1 2024	$7.9 million
Brand Revenue	Q1 2024	$1.2 million
Retail Revenue	Q3 2024	$7.4 million
Brand Revenue	Q3 2024	$1.0 million

The subscription fees component, which is the retail marketplace listing revenue, has seen focus on pricing actions. For instance, Retail ARPA (Average Revenue Per Account) reached $677 in Q4 2024, which was a 22% increase year-over-year. This suggests that even as account counts were being managed, the value extracted per remaining retailer account was improving, which is a direct reflection of the subscription and SaaS fee structure.

Digital advertising revenue from cannabis brands is the other major piece. Management noted in early 2025 that declines in brand revenue were 'slowly stabilizing' at a lower base, with a sequential uptick reported in Q4 2024 to $1.4 million, though brand revenue was pressured overall. This stream is sensitive to brand marketing budgets, which can be influenced by regulatory clarity, such as potential DEA rescheduling relief freeing up industry cash.

The SaaS fees for retailer tools are bundled into the overall retail revenue. The company offers these tools alongside the marketplace listings. The strategy has involved targeted price increases on both subscriptions and add-on products to stabilize retail revenue. Finance: draft 13-week cash view by Friday.