Leafly Holdings, Inc. (LFLY): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mercado de cannabis em rápida evolução, a Leafly Holdings, Inc. (LFLY) emergiu como uma plataforma digital inovadora que transforma como os consumidores descobrem, entendem e se envolvem com produtos de cannabis. Ao misturar engenhosamente a tecnologia, o conteúdo gerado pelo usuário e as informações abrangentes de deformação, a Leafly criou um modelo de negócios exclusivo que serve como uma ponte crítica entre consumidores, dispensários e marcas de maconha. Este mergulho profundo na Canvas de modelo de negócios da Leafly revela uma estratégia sofisticada que aproveita a inovação digital para revolucionar a informação da cannabis e o cenário do mercado.

Leafly Holdings, Inc. (LFLY) - Modelo de negócios: Parcerias -chave

Dispensários e varejistas de maconha

O Leafly mantém parcerias com 4.247 dispensários de cannabis em toda a América do Norte a partir do quarto trimestre 2023. A rede da empresa inclui:

Região	Número de dispensários
Estados Unidos	3,892
Canadá	355

Plataformas de tecnologia e desenvolvedores de aplicativos

O Leefly colabora com vários parceiros de tecnologia para aprimorar a infraestrutura digital:

• Integrado com 17 sistemas de ponto de venda (POS)
• Conexões de API com 6 principais plataformas de tecnologia de cannabis
• Aplicativo móvel disponível no iOS e Android com 1,2 milhão de usuários mensais ativos

Marcas de cannabis e cultivadores

As parcerias de marca da Lefly incluem:

Tipo de parceria	Número de parceiros
Marcas de cannabis	412
Cultivadores licenciados	287

Redes de marketing digital e publicidade

Parcerias de publicidade abrangem:

• 6 principais redes de publicidade digital
• Alcance de publicidade programática de 78 milhões de impressões digitais exclusivas mensalmente

Plataformas de informação e educação de cannabis

As parcerias educacionais incluem:

• Colaboração com 22 instituições de pesquisa de cannabis
• Parcerias de conteúdo com 14 plataformas de mídia focadas em cannabis

Leafly Holdings, Inc. (LFLY) - Modelo de negócios: Atividades -chave

Marketplace de cannabis e descoberta de produtos

A partir do quarto trimestre de 2023, a Lefly opera um mercado digital com mais de 5.800 dispensários de cannabis e mais de 20.000 listagens de produtos na América do Norte.

Marketplace Metric	Contagem total
Conexões de dispensário	5,800+
Listagens de produtos	20,000+

Sistemas de revisão e classificação de usuário

O Leafly mantém uma plataforma abrangente de conteúdo gerada pelo usuário com informações verificadas do consumidor.

• Total de revisões de usuários: 2,5 milhões
• Engajamento médio mensal da plataforma: 350.000 interações exclusivas do usuário
• Taxa de verificação de revisão: 78%

Serviços de publicidade e marketing digitais

O Leafly gerou US $ 28,4 milhões em receita de marketing digital em 2023, representando um aumento de 12% ano a ano.

Receita de marketing	Quantia
2023 Receita total	US $ 28,4 milhões
Crescimento ano a ano	12%

A agregação de linhagem e informação do produto de cannabis

O banco de dados da Leafly contém informações abrangentes sobre mais de 7.500 cepas exclusivas de cannabis e variantes de produtos.

• Perfis totais de deformação: 7.500+
• Cobertura da categoria de produto: 15 categorias distintas
• Cobertura do mercado geográfico: 22 estados dos EUA e províncias canadenses

Desenvolvimento e manutenção da plataforma de tecnologia

A Leafly investiu US $ 6,2 milhões em infraestrutura de tecnologia e desenvolvimento de plataformas em 2023.

Investimento em tecnologia	Quantia
2023 Despesas de tecnologia	US $ 6,2 milhões
Tempo de atividade da plataforma	99.94%

Leafly Holdings, Inc. (LFLY) - Modelo de negócios: Recursos -chave

Plataforma de mercado digital proprietário

Plataforma digital com 2.750.000 usuários registrados a partir do terceiro trimestre de 2023. A plataforma suporta 5.600 dispensários de cannabis e 7.300 marcas de cannabis na América do Norte.

Métrica da plataforma	Dados quantitativos
Total de usuários registrados	2,750,000
Dispensários conectados	5,600
Marcas suportadas	7,300

Extensa tensão de cannabis e banco de dados de produtos

O banco de dados contém 9.200 perfis exclusivos de deformação de cannabis e 48.000 listagens de produtos em várias categorias.

• Perfis totais de deformação: 9.200
• Categorias de produtos: 6
• Listagens totais de produtos: 48.000

Conteúdo e comentários gerados pelo usuário

A plataforma apresenta 1.340.000 análises geradas pelo usuário com uma taxa média de engajamento de 12,4% ao mês.

Métrica de conteúdo	Dados quantitativos
Total de comentários de usuários	1,340,000
Taxa de engajamento mensal	12.4%

Tecnologia de marketing digital

O algoritmo de recomendação proprietário processa 3,2 milhões de interações mensais do usuário com 98,6% de precisão.

• Interações mensais do usuário: 3.200.000
• Precisão do algoritmo: 98,6%
• Cobertura de personalização: 87% dos usuários da plataforma

Relacionamentos de marca na indústria de cannabis

A rede inclui 7.300 marcas de cannabis com 92% de acordos de parceria recorrente.

Métrica de relacionamento com marca	Dados quantitativos
Total de marcas em parceria	7,300
Taxa de parceria recorrente	92%
Receita anual de parceria	$4,600,000

Leafly Holdings, Inc. (LFLY) - Modelo de negócios: proposições de valor

Descoberta de produto de cannabis abrangente

A partir do quarto trimestre 2023, a plataforma da Leafly possui mais de 7.500 tensões de cannabis e mais de 126.000 listagens de produtos nos mercados norte -americanos.

Cobertura de mercado	Número de cepas	Listagens de produtos
Estados Unidos	5,800	98,000
Canadá	1,700	28,000

Informações detalhadas sobre tensão e produto

Folhely fornece Informações de deformação apoiadas cientificamente incluindo:

• Perfis de canabinóides
• Composições de terpeno
• Relevância da condição médica
• Efeitos potenciais

Revisões e recomendações do consumidor

Os dados da plataforma mostram 2,3 milhões de análises geradas pelo usuário em dezembro de 2023, com uma taxa média de engajamento de 18,5% por listagem de produtos.

Métrica de revisão	Volume total
Total de comentários de usuários	2,300,000
Revisões médias por produto	18.4

Mercado digital fácil de usar

Estatísticas da plataforma digital para 2023:

• Usuários ativos mensais: 1,7 milhão
• Downloads de aplicativos móveis: 680.000
• Duração média da sessão: 7,3 minutos

Conectando consumidores com dispensários locais

Rede de dispensários do Leafly a partir do quarto trimestre 2023:

Região	Dispensários conectados
Estados Unidos	2,450
Canadá	680

Leafly Holdings, Inc. (LFLY) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma digital de autoatendimento

A plataforma digital da Lefly fornece 5.123.647 usuários registrados com acesso direto às informações e listagens de dispensários do produto de cannabis a partir do quarto trimestre 2023.

Métrica da plataforma	Dados quantitativos
Visitantes mensais únicos	15,2 milhões
Duração média da sessão	4,7 minutos
Uso da plataforma móvel	62% do tráfego total

Sistemas de revisão orientados à comunidade

O Leafly hospeda 2.347.891 revisões de produtos geradas pelo usuário em sua plataforma em 2023.

• Classificação média de revisão: 4,3/5 estrelas
• Revisões totais de dispensários: 876.543
• Novas revisões mensais médias: 54.217

Recomendações de produtos personalizados

O algoritmo de aprendizado de máquina gera sugestões personalizadas com base em 3,6 milhões de perfis de preferência de usuário.

Engajamento do usuário por meio de aplicativo móvel

Os downloads de aplicativos móveis atingiram 1.247.890 em dezembro de 2023.

Métricas de engajamento de aplicativos móveis	Dados quantitativos
Usuários ativos diários	387,654
Usuários ativos mensais	1,102,345

Conteúdo e recursos educacionais

O Leafly publicou 4.876 artigos educacionais e guias de tensão em 2023.

• Visualizações totais de conteúdo educacional: 22,3 milhões
• Tempo médio de engajamento de conteúdo: 6,2 minutos
• Categorias de conteúdo:
  • Informações de deformação
  • Uso médico
  • Ciência da Cannabis

Leafly Holdings, Inc. (LFLY) - Modelo de Negócios: Canais

Aplicativo móvel

A partir do quarto trimestre 2023, o aplicativo móvel da Leafly relatou 2,1 milhões de usuários ativos mensais. O aplicativo está disponível em plataformas iOS e Android, com 4,5 milhões de downloads totais de aplicativos.

Plataforma	Downloads totais	Avaliação
iOS	1,8 milhão	4.6/5
Android	2,2 milhões	4.4/5

Plataforma da Web

O Leafly.com recebe 8,3 milhões de visitantes mensais exclusivos com uma duração média da sessão de 4,7 minutos.

Métrica de tráfego da web	Valor
Visitantes únicos mensais	8,3 milhões
Duração média da sessão	4,7 minutos

Redes de mídia social

O Leafly mantém a presença ativa da mídia social em várias plataformas:

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

Publicidade digital

O Leafly alocou US $ 3,2 milhões para a publicidade digital em 2023, direcionando os consumidores de cannabis em canais programáticos e diretos.

• Gastos programáticos de anúncios: US $ 1,8 milhão
• Publicidade digital direta: US $ 1,4 milhão

Redes de dispensários de parceiros

O Leafly se conecta a 6.500 dispensários licenciados de cannabis em 38 estados e territórios.

Métrica de rede	Valor
Total Dispensary Partners	6,500
Estados cobertos	38
Listagens médias mensais de produtos	125,000

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

Consumidores de cannabis

A partir do quarto trimestre de 2023, a Lefly relatou 8,3 milhões de usuários ativos mensais em sua plataforma.

Segmento demográfico	Porcentagem de usuários
18-34 anos	52%
35-54 anos	35%
55 anos ou mais	13%

Pacientes de maconha medicinal

Em 2023, a plataforma da Leefly cobriu pacientes com maconha medicinal em 38 estados com programas legais de cannabis medicinal.

• Base estimada de paciente de cannabis medicinal: 6,5 milhões de usuários
• Gastos médios médios de maconha medicinal: US $ 226 por paciente

Usuários recreativos de cannabis

A partir de 2023, a cannabis recreativa era legal em 23 estados.

Categoria de usuário	Percentagem
Usuários ocasionais	42%
Usuários regulares	33%
Usuários frequentes	25%

Entusiastas da cannabis

A plataforma da Leafly atende 2,1 milhões de entusiastas de cannabis se envolvendo ativamente com análises de tensão e informações do produto.

• Tempo médio de engajamento da plataforma: 17,5 minutos por sessão
• Conteúdo gerado pelo usuário: 450.000 análises de tensão e produto

Consumidores de cannabis pela primeira vez e experientes

A Leafly relatou servir os consumidores de maconha iniciantes e experientes em sua plataforma digital.

Nível de experiência do consumidor	Porcentagem de usuários da plataforma
Consumidores iniciantes	22%
Consumidores intermediários	45%
Consumidores experientes	33%

Leafly Holdings, Inc. (LFLY) - Modelo de negócios: estrutura de custos

Desenvolvimento e manutenção de tecnologia

Para o ano fiscal de 2023, a Leafly relatou despesas de tecnologia e desenvolvimento de US $ 7,4 milhões, representando 31,2% do total de despesas operacionais.

Categoria de despesa	Valor ($)	Porcentagem de custos totais de tecnologia
Desenvolvimento de software	4,100,000	55.4%
Infraestrutura em nuvem	1,850,000	25%
Segurança cibernética	750,000	10.1%
Manutenção de tecnologia	700,000	9.5%

Despesas de marketing e publicidade

As despesas de marketing para Leafly em 2023 totalizaram US $ 12,6 milhões, representando 53,2% do total de despesas operacionais.

• Publicidade digital: US $ 6.300.000
• Marketing de conteúdo: US $ 2.800.000
• Campanhas de mídia social: US $ 1.900.000
• Patrocínio de eventos: US $ 1.600.000

Infraestrutura da plataforma

Os custos de infraestrutura da plataforma para 2023 foram de US $ 3,2 milhões, representando 13,5% do total de despesas operacionais.

Componente de infraestrutura	Valor ($)	Porcentagem de custos de infraestrutura
Hospedagem de servidor	1,600,000	50%
Gerenciamento de rede	800,000	25%
Manutenção do data center	480,000	15%
Sistemas de backup	320,000	10%

Criação de conteúdo e curadoria

As despesas relacionadas ao conteúdo de 2023 totalizaram US $ 2,1 milhões.

• Atualizações do banco de dados de tensão de cannabis: $ 850.000
• Escrita de conteúdo profissional: $ 650.000
• Gerenciamento de conteúdo gerado pelo usuário: US $ 400.000
• Salários da equipe editorial: US $ 200.000

Custos operacionais e administrativos

As despesas operacionais do Leefly em 2023 foram de US $ 4,3 milhões.

Categoria operacional	Valor ($)	Porcentagem de custos operacionais
Salários de pessoal	2,580,000	60%
OVERSO DE ESCRITÓRIO	860,000	20%
Legal e conformidade	430,000	10%
Serviços profissionais	430,000	10%

Leafly Holdings, Inc. (LFLY) - Modelo de negócios: fluxos de receita

Receita de publicidade digital

Q3 2023 Receita de publicidade digital: US $ 2,1 milhões

Categoria de publicidade	Receita ($)
Anúncios da marca de cannabis	1,200,000
Anúncios de dispensário	650,000
Anúncios de produtos auxiliares	250,000

Taxas de transação do mercado

Volume anual de transações do mercado: US $ 18,5 milhões

• Taxa de taxa de transação: 5-7%
• Receita total das taxas de transação: US $ 925.000 a US $ 1,3 milhão

Licenciamento de dados e insights

Produto de dados	Receita anual ($)
Insights de comportamento do consumidor	750,000
Relatórios de tendências de mercado	450,000

Serviços de assinatura premium

Receita de assinatura para 2023: US $ 1,6 milhão

• Nível padrão: US $ 4,99/mês
• Nível Premium: US $ 9,99/mês
• Total de assinantes: 35.000

Comissões de marketing de afiliados

Receita total de marketing de afiliados: US $ 750.000

Categoria de afiliado	Receita da Comissão ($)
Referências de produtos	450,000
Referências de dispensários	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.