Leafly Holdings, Inc. (LFLY): Business Model Canvas [Jan-2025 Mise à jour]

Dans le marché du cannabis en évolution rapide, Leafly Holdings, Inc. (LFLY) est devenu une plate-forme numérique révolutionnaire qui transforme la façon dont les consommateurs découvrent, comprennent et s'engagent avec les produits de cannabis. En mélangeant ingénieusement la technologie, le contenu généré par les utilisateurs et les informations complètes de déformation, Leafly a créé un modèle commercial unique qui sert de pont critique entre les consommateurs de cannabis, les dispensaires et les marques. Cette plongée profonde dans la toile du modèle commercial de Leafly révèle une stratégie sophistiquée qui tire parti de l'innovation numérique pour révolutionner les informations sur le cannabis et le paysage du marché.

Leafly Holdings, Inc. (LFLY) - Modèle commercial: partenariats clés

Dispensaires du cannabis et détaillants

Leafly maintient des partenariats avec 4 247 dispensaires de cannabis à travers l'Amérique du Nord au quatrième trimestre 2023. Le réseau de la société comprend:

Région	Nombre de dispensaires
États-Unis	3,892
Canada	355

Plateformes technologiques et développeurs d'applications

Leafly collabore avec plusieurs partenaires technologiques pour améliorer les infrastructures numériques:

• Intégré avec 17 systèmes de points de vente (POS)
• Connexions API avec 6 plateformes de technologie de cannabis majeures
• Application mobile disponible sur iOS et Android avec 1,2 million d'utilisateurs mensuels actifs

Marques et cultivateurs de cannabis

Les partenariats de marque de Leafly comprennent:

Type de partenariat	Nombre de partenaires
Marques de cannabis	412
Cultivateurs agréés	287

Réseaux de marketing numérique et de publicité

Les partenariats publicitaires comprennent:

• 6 réseaux publicitaires numériques majeurs
• Réponction de publicité programmatique de 78 millions d'impressions numériques uniques mensuellement

Plateformes d'information et d'éducation sur le cannabis

Les partenariats éducatifs comprennent:

• Collaboration avec 22 institutions de recherche sur le cannabis
• Contenu des partenariats avec 14 plateformes médiatiques axées sur le cannabis

Leafly Holdings, Inc. (LFLY) - Modèle d'entreprise: Activités clés

Marché du cannabis et découverte de produits

Au quatrième trimestre 2023, Leafly exploite un marché numérique avec plus de 5 800 dispensaires de cannabis et plus de 20 000 listes de produits à travers l'Amérique du Nord.

Métrique du marché	Compte total
Connexions du dispensaire	5,800+
Listes de produits	20,000+

Systèmes d'examen et de notation des utilisateurs

Leafly maintient une plate-forme de contenu complète générée par l'utilisateur avec des informations vérifiées aux consommateurs.

• Total des avis des utilisateurs: 2,5 millions
• Engagement de plate-forme mensuel moyen: 350 000 interactions utilisateur uniques
• Examiner le taux de vérification: 78%

Services de publicité et de marketing numériques

Leafly a généré 28,4 millions de dollars de revenus de marketing numérique en 2023, ce qui représente une augmentation de 12% d'une année sur l'autre.

Revenus marketing	Montant
2023 Revenu total	28,4 millions de dollars
Croissance d'une année à l'autre	12%

Aggrégation d'informations sur les contraintes de cannabis et les informations sur les produits

La base de données de Leafly contient des informations complètes sur plus de 7 500 souches de cannabis uniques et variantes de produits.

• Profils de contrainte totaux: 7 500+
• Catégorie de produit Couverture: 15 catégories distinctes
• Couverture du marché géographique: 22 États américains et provinces canadiennes

Développement et maintenance de la plate-forme technologique

Leafly a investi 6,2 millions de dollars dans l'infrastructure technologique et le développement de plateformes en 2023.

Investissement technologique	Montant
2023 dépenses technologiques	6,2 millions de dollars
Time de disponibilité de la plate-forme	99.94%

Leafly Holdings, Inc. (LFLY) - Modèle d'entreprise: Ressources clés

Plateforme de marché numérique propriétaire

Plateforme numérique avec 2 750 000 utilisateurs enregistrés au troisième trimestre 2023. La plate-forme prend en charge 5 600 dispensaires de cannabis et 7 300 marques de cannabis à travers l'Amérique du Nord.

Métrique de la plate-forme	Données quantitatives
Total des utilisateurs enregistrés	2,750,000
Dispensaires connectés	5,600
Marques soutenues	7,300

Base de données étendue de la souche du cannabis et des produits

La base de données contient 9 200 profils de contrainte de cannabis uniques et 48 000 listes de produits dans plusieurs catégories.

• Profils de contrainte totaux: 9 200
• Catégories de produits: 6
• Listes totales de produits: 48 000

Contenu et avis générés par les utilisateurs

La plate-forme contient 1 340 000 avis générés par les utilisateurs avec un taux d'engagement moyen de 12,4% par mois.

Métrique de contenu	Données quantitatives
Total des avis des utilisateurs	1,340,000
Taux d'engagement mensuel	12.4%

Technologie de marketing numérique

L'algorithme de recommandation propriétaire traite 3,2 millions d'interactions mensuelles utilisateur avec une précision de 98,6%.

• Interactions mensuelles des utilisateurs: 3 200 000
• Précision de l'algorithme: 98,6%
• Couverture de personnalisation: 87% des utilisateurs de la plate-forme

Relations de marque dans l'industrie du cannabis

Le réseau comprend 7 300 marques de cannabis avec 92% des accords de partenariat récurrent.

Métrique de la relation de marque	Données quantitatives
Marques totales en partenariat	7,300
Taux de partenariat récurrent	92%
Revenus de partenariat annuel	$4,600,000

Leafly Holdings, Inc. (LFLY) - Modèle d'entreprise: propositions de valeur

Découverte complète du produit de cannabis

Depuis le quatrième trimestre 2023, la plate-forme de Leafly comprend plus de 7 500 souches de cannabis et plus de 126 000 listes de produits sur les marchés nord-américains.

Couverture du marché	Nombre de souches	Listes de produits
États-Unis	5,800	98,000
Canada	1,700	28,000

Informations détaillées sur les contraintes et les produits

Leafly fournit Informations de déformation soutenues scientifiquement y compris:

• Profils cannabinoïdes
• Compositions de terpène
• Pertinence de la condition médicale
• Effets potentiels

Revues et recommandations des consommateurs

Les données sur la plate-forme montrent 2,3 millions d'examens générés par les utilisateurs en décembre 2023, avec un taux d'engagement moyen de 18,5% par liste de produits.

Revoir la métrique	Volume total
Total des avis des utilisateurs	2,300,000
Avis moyens par produit	18.4

Market numérique facile à utiliser

Statistiques de la plate-forme numérique pour 2023:

• Utilisateurs actifs mensuels: 1,7 million
• Téléchargements d'applications mobiles: 680 000
• Durée moyenne de la session: 7,3 minutes

Connecter les consommateurs avec des dispensaires locaux

Le réseau de dispensaire de Leafly au T4 2023:

Région	Dispensaires connectés
États-Unis	2,450
Canada	680

Leafly Holdings, Inc. (LFLY) - Modèle d'entreprise: relations avec les clients

Plate-forme numérique en libre-service

La plate-forme numérique de Leafly fournit 5 123 647 utilisateurs enregistrés ayant un accès direct aux informations sur le produit du cannabis et les listes de dispensaires au Q4 2023.

Métrique de la plate-forme	Données quantitatives
Visiteurs mensuels uniques	15,2 millions
Durée moyenne de la session	4,7 minutes
Utilisation de la plate-forme mobile	62% du trafic total

Systèmes d'examen axés sur la communauté

Leafly accueille 2 347 891 avis de produits générés par l'utilisateur sur sa plate-forme en 2023.

• Évaluation moyenne de la révision: 4,3 / 5 étoiles
• Revues totales du dispensaire: 876 543
• NOUVELLES AVIS mensuels moyens: 54 217

Recommandations de produits personnalisés

L'algorithme d'apprentissage automatique génère des suggestions personnalisées basées sur 3,6 millions de profils de préférence utilisateur.

Engagement des utilisateurs via l'application mobile

Les téléchargements d'applications mobiles ont atteint 1 247 890 en décembre 2023.

Métriques d'engagement des applications mobiles	Données quantitatives
Utilisateurs actifs quotidiens	387,654
Utilisateurs actifs mensuels	1,102,345

Contenu éducatif et ressources

Leafly a publié 4 876 articles éducatifs et guides de déformation en 2023.

• Vues du contenu éducatif total: 22,3 millions
• Temps d'engagement moyen du contenu: 6,2 minutes
• Catégories de contenu:
  • Informations sur tension
  • Usage médical
  • Science du cannabis

Leafly Holdings, Inc. (LFLY) - Modèle d'entreprise: canaux

Application mobile

Au quatrième trimestre 2023, l'application mobile de Leafly a déclaré 2,1 millions d'utilisateurs actifs mensuels. L'application est disponible sur les plates-formes iOS et Android, avec 4,5 millions de téléchargements d'applications totales.

Plate-forme	Téléchargements totaux	Notation
ios	1,8 million	4.6/5
Androïde	2,2 millions	4.4/5

Plate-forme Web

Leafly.com reçoit 8,3 millions de visiteurs mensuels uniques avec une durée de session moyenne de 4,7 minutes.

Métrique du trafic Web	Valeur
Visiteurs uniques mensuels	8,3 millions
Durée moyenne de la session	4,7 minutes

Réseaux de médias sociaux

Leafly maintient une présence active sur les réseaux sociaux sur plusieurs plateformes:

Plate-forme	Abonnés
Instagram	285,000
Gazouillement	132,000
Facebook	210,000

Publicité numérique

Leafly a alloué 3,2 millions de dollars à la publicité numérique en 2023, ciblant les consommateurs de cannabis sur les canaux programmatiques et directs.

• Dépenses publicitaires programmatiques: 1,8 million de dollars
• Publicité numérique directe: 1,4 million de dollars

Réseaux de dispensaires partenaires

Leafly se connecte avec 6 500 dispensaires de cannabis agréés dans 38 États et territoires.

Métrique du réseau	Valeur
Partenaires totaux de dispensaire	6,500
États couverts	38
Listes de produits mensuels moyens	125,000

Leafly Holdings, Inc. (LFLY) - Modèle d'entreprise: segments de clientèle

Consommateurs de cannabis

Au quatrième trimestre 2023, Leafly a rapporté 8,3 millions d'utilisateurs actifs mensuels sur sa plate-forme.

Segment démographique	Pourcentage d'utilisateurs
18-34 ans	52%
35 à 54 ans	35%
55 ans et plus	13%

Patiens de marijuana médicale

En 2023, la plate-forme de Leafly a couvert des patients atteints de marijuana médicale dans 38 États avec des programmes de cannabis médicaux légaux.

• Base de patient du cannabis médical estimé: 6,5 millions d'utilisateurs
• Dépenses mensuelles moyennes sur le cannabis médical: 226 $ par patient

Utilisateurs de cannabis récréatifs

En 2023, le cannabis récréatif était légal dans 23 États.

Catégorie utilisateur	Pourcentage
Utilisateurs occasionnels	42%
Utilisateurs réguliers	33%
Utilisateurs fréquents	25%

Passionnés de cannabis

La plate-forme de Leafly sert 2,1 millions de passionnés de cannabis qui s'engagent activement avec les examens de tension et les informations sur les produits.

• Temps d'engagement moyen de la plate-forme: 17,5 minutes par session
• Contenu généré par l'utilisateur: 450 000 avis de contrainte et de produit

Consommateurs de cannabis pour la première fois et expérimentés

Leafly a déclaré avoir servi à la fois des consommateurs de cannabis novices et expérimentés sur sa plate-forme numérique.

Niveau d'expérience des consommateurs	Pourcentage d'utilisateurs de la plate-forme
Premiers consommateurs	22%
Consommateurs intermédiaires	45%
Consommateurs expérimentés	33%

Leafly Holdings, Inc. (LFLY) - Modèle d'entreprise: Structure des coûts

Développement et maintenance technologiques

Pour l'exercice 2023, Leafly a déclaré des frais de technologie et de développement de 7,4 millions de dollars, ce qui représente 31,2% du total des dépenses d'exploitation.

Catégorie de dépenses	Montant ($)	Pourcentage du total des coûts technologiques
Développement de logiciels	4,100,000	55.4%
Infrastructure cloud	1,850,000	25%
Cybersécurité	750,000	10.1%
Maintenance technologique	700,000	9.5%

Dépenses de marketing et de publicité

Les dépenses de marketing pour Leafly en 2023 ont totalisé 12,6 millions de dollars, représentant 53,2% du total des dépenses d'exploitation.

• Publicité numérique: 6 300 000 $
• Marketing de contenu: 2 800 000 $
• Campagnes de médias sociaux: 1 900 000 $
• Sponsorations d'événements: 1 600 000 $

Infrastructure de plate-forme

Les coûts d'infrastructure de plate-forme pour 2023 se sont élevés à 3,2 millions de dollars, ce qui représente 13,5% du total des dépenses d'exploitation.

Composant d'infrastructure	Montant ($)	Pourcentage des coûts d'infrastructure
Hébergement de serveurs	1,600,000	50%
Gestion du réseau	800,000	25%
Maintenance du centre de données	480,000	15%
Systèmes de sauvegarde	320,000	10%

Création et conservation du contenu

Les dépenses liées au contenu pour 2023 s'élevaient à 2,1 millions de dollars.

• Mises à jour de la base de données de la souche de cannabis: 850 000 $
• Écriture de contenu professionnel: 650 000 $
• Gestion de contenu générée par l'utilisateur: 400 000 $
• Salaires de l'équipe éditoriale: 200 000 $

Coûts opérationnels et administratifs

Les dépenses opérationnelles de Leafly en 2023 étaient de 4,3 millions de dollars.

Catégorie opérationnelle	Montant ($)	Pourcentage des coûts opérationnels
Salaires du personnel	2,580,000	60%
Au-dessus de la tête	860,000	20%
Juridique et conformité	430,000	10%
Services professionnels	430,000	10%

Leafly Holdings, Inc. (LFLY) - Modèle d'entreprise: Strots de revenus

Revenus publicitaires numériques

T3 2023 Revenus publicitaires numériques: 2,1 millions de dollars

Catégorie publicitaire	Revenus ($)
Annonces de marque de cannabis	1,200,000
Annonces dispensaires	650,000
Annonces de produits auxiliaires	250,000

Frais de transaction du marché

Volume annuel des transactions sur le marché: 18,5 millions de dollars

• Taux de frais de transaction: 5-7%
• Revenu total des frais de transaction: 925 000 $ à 1,3 million de dollars

Licence et idées de données

Produit de données	Revenus annuels ($)
Insistance au comportement des consommateurs	750,000
Rapports de tendance du marché	450,000

Services d'abonnement premium

Revenu de l'abonnement pour 2023: 1,6 million de dollars

• Tier standard: 4,99 $ / mois
• Prime premium: 9,99 $ / mois
• Total des abonnés: 35 000

Commissions de marketing d'affiliation

Revenus de marketing d'affiliation total: 750 000 $

Catégorie d'affiliation	Revenus de commission ($)
Références de produits	450,000
Références dispensaires	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.