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Leafly (LFLY)

Merida Merger Corp. I is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region although it intends to focus its search for target businesses in the cannabis industry.

Company profile

LFLY stock data

Analyst ratings and price targets

Last 3 months

Calendar

16 May 22
4 Jul 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 72.61M 72.61M 72.61M 72.61M 72.61M 72.61M
Cash burn (monthly) (no burn) (no burn) 2.48M 1.04M 4.67M 1.25M
Cash used (since last report) n/a n/a 7.74M 3.25M 14.55M 3.89M
Cash remaining n/a n/a 64.88M 69.36M 58.06M 68.72M
Runway (months of cash) n/a n/a 26.1 66.5 12.4 55.1

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
4 Feb 22 Merida Common Stock Other Dispose J No No 10.01 28,286 283.14K 3,171,602
4 Feb 22 Merida Common Stock Other Dispose J No No 0 13,000 0 3,199,888
4 Feb 22 Merida Common stock Other Dispose J No No 0 37,500 0 3,212,888
4 Feb 22 Merida Warrant Common stock Other Dispose J No No 11.5 300,000 3.45M 3,600,311
1.8% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 1 28 -96.4%
Opened positions 0 8 EXIT
Closed positions 27 25 +8.0%
Increased positions 0 7 EXIT
Reduced positions 0 8 EXIT
13F shares Current Prev Q Change
Total value 7.74M 66.71M -88.4%
Total shares 775.14K 8.17M -90.5%
Total puts 0 60.1K EXIT
Total calls 0 502.9K EXIT
Total put/call ratio 0.1
Largest owners Shares Value Change
Linden Capital 775.14K $7.74M 0.0%
Largest transactions Shares Bought/sold Change
Meteora Capital 0 -1.5M EXIT
TENOR CAPITAL MANAGEMENT 0 -1.16M EXIT
Yakira Capital Management 0 -778.89K EXIT
Linden Advisors 0 -775.14K EXIT
Castle Creek Arbitrage 0 -603.51K EXIT
Newtyn Management 0 -590K EXIT
Millennium Management 0 -500K EXIT
Jane Street 0 -353.36K EXIT
Rivernorth Capital Management 0 -287.55K EXIT
Susquehanna International 0 -183.03K EXIT

Financial report summary

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Competition
CFN EnterprisesWM Technology
Risks
  • We have a relatively short operating history in a rapidly evolving industry, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.
  • The legal cannabis industry and market are relatively new, and this industry and market may not continue to exist or develop as anticipated, or we may ultimately be unable to succeed in this new industry and market.
  • Because our business is dependent, in part, upon continued market acceptance of cannabis by consumers, any negative trends could adversely affect our business operations.
  • Expansion of our business is dependent on the continued and future legalization of cannabis.
  • We expect to face increased competition in the market.
  • If users do not value the quality and reliability of the reviews and other content that we display on our platform, they may stop or reduce the use of our services, which could adversely impact the growth of our business.
  • Because we recognize most of the revenue from our advertising products over the term of an agreement, a significant downturn in our business may not be immediately reflected in our results of operations.
  • We expect a number of factors to cause our operating results to fluctuate on a quarterly and annual basis, which may make it difficult to predict our future performance.
  • Our typical practices as it relates to consumer safety and engagement on our platform may pose a risk to our relationships with advertising partners.
  • We have a history of net losses, and we may not achieve or maintain profitability in the future, especially as our costs increase.
  • If we fail to maintain and expand our brand and retailer client base, our revenue and our business will be harmed.
  • If we do not successfully develop and deploy new software, platform features or services to address the needs of our suppliers and consumers, our business, financial condition, and results of operations could suffer.
  • If we fail to expand effectively into new markets, both domestically and abroad, our revenue and business will be adversely affected.
  • We may fail to offer the optimal pricing of our services.
  • Our international operations involve additional risks, and our exposure to these risks will increase as we expand internationally.
  • We may not timely and effectively scale and adapt our existing technology and network infrastructure to ensure that our platform is accessible.
  • We rely on third-party service providers for certain aspects of our business.
  • Our payment system and the payment systems of our suppliers depend on third-party providers and are subject to evolving laws and regulations.
  • We track certain performance metrics with internal tools and do not independently verify such metrics. Certain of our performance metrics are subject to inherent challenges in measurement, and real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business.
  • The traffic to our website and mobile application may decline and our business may suffer if other companies copy information from our platform and publish or aggregate it with other information for their own benefit.
  • Real or perceived errors, failures, or bugs in our platform could adversely affect our operating results and growth prospects.
  • If we fail to manage our growth effectively, our brand, results of operations and business could be harmed.
  • We rely on traffic to our website from search engines like Google, Yahoo! and Bing, as well as paid digital advertising and social media marketing. If our website fails to rank prominently in unpaid search results, traffic to our website could decline and our business would be adversely affected.
  • If our current marketing model is not effective in attracting new brand and retailer clients, we may need to employ higher-cost sales and marketing methods to attract and retain brand and retailer clients, which could adversely affect our profitability.
  • Mobile is an important component of our business, and it presents unique risks.
  • We rely upon cloud-based data centers, infrastructure and technologies provided by third parties, and technology systems and electronic networks supplied and managed by third parties, to operate our business, and interruptions or performance problems with these systems, technologies and networks may adversely affect our business and operating results.
  • We face potential liability and expense for legal claims based on the content on our platform.
  • We may need to raise additional capital, which may not be available on favorable terms, if at all, causing dilution to our stockholders, restricting our operations or adversely affecting our ability to operate our business.
  • We may acquire other companies or technologies, which could divert our management’s attention from the business, result in additional dilution to our stockholders and otherwise disrupt our operations and harm our operating results.
  • We identified a material weakness in our internal control over financial reporting, and in the future, we may identify additional material weaknesses or fail to maintain an effective system of controls. If we identify additional material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect our business and stock price.
  • Our business is dependent on U.S. state laws and regulations and Canadian federal and provincial laws and regulations pertaining to the cannabis industry.
  • Federal law enforcement may deem our suppliers to be in violation of U.S. federal law, in particular the CSA. An adverse change in U.S. federal policy on cannabis enforcement and strict enforcement of federal cannabis laws against our suppliers would undermine our business model and materially affect our business and operations.
  • The laws and regulations regarding hemp-derived products are unsettled, and an adverse change in U.S. federal policy towards our suppliers would materially affect our business and operations.
  • Allowing unlicensed or noncompliant businesses to access our services, allowing businesses to use our services in a noncompliant manner, including engaging in false or deceptive business practices, may subject us to legal or regulatory enforcement and/or negative publicity, which could adversely impact our business, operating results, financial condition, brand and reputation.
  • We generally do not, and cannot, ensure that our suppliers will conduct their business activities in a manner compliant with regulations and requirements applicable to the cannabis industry. As a result, federal, state, provincial or local government authorities may seek to bring criminal, administrative or regulatory enforcement actions against our suppliers, which could have a material adverse effect on our business, operating results or financial conditions, or could force us to cease operations.
  • We are subject to governmental laws, regulations and other legal obligations, particularly related to privacy, data protection and information security, and any actual or perceived failure to comply with such obligations could harm our business.
  • Our business could suffer if the jurisdictions in which we operate change the way in which they regulate the internet, including regulations relating to user-generated content and privacy.
  • Our business and operating results may be harmed if we are deemed responsible for the collection and remittance of state sales taxes or other indirect taxes for suppliers using our order functionality.
  • Our international footprint may subject us to potential adverse tax consequences in various jurisdictions.
  • Changes in tax laws or regulations and compliance in multiple jurisdictions may have a material adverse effect on our business, cash flow, financial condition or operating results.
  • Changes in accounting standards or other factors could negatively impact our future effective tax rate.
  • Cannabis remains illegal under federal law and, therefore, strict enforcement of federal laws regarding cannabis would likely result in our inability to execute our business plan.
  • Our business and our suppliers are subject to a variety of U.S. and foreign laws regarding financial transactions related to cannabis, which could subject our suppliers to legal claims or otherwise adversely affect our business.
  • Our operations may be negatively affected by the way other private companies interpret laws and regulations applicable to the cannabis industry, or their policies and practices with respect to the cannabis industry.
  • We are dependent on our banking relationships, and we may have difficulty accessing or consistently maintaining banking or other financial services due to our connection with the cannabis industry.
  • The continuing proliferation of unlicensed and illicit cannabis operations may negatively affect our suppliers and our operations.
  • We may have difficulty using bankruptcy courts due to our involvement in the regulated cannabis industry.
  • The conduct of third parties may jeopardize our business.
  • The conduct of third parties may jeopardize our regulatory compliance.
  • We believe that Section 230(c)(1) of the Communications Decency Act (the “CDA”) provides immunity from civil and state criminal liability, but it is possible that it does not.
  • We may continue to be subject to constraints on marketing our products.
  • Cannabis businesses are subject to unfavorable U.S. tax treatment, which reduces our clients’ profitability and could result in decreased demand for our services.
  • Service providers to cannabis businesses may also be subject to unfavorable U.S. tax treatment.
  • Cannabis businesses may be subject to civil asset forfeiture.
  • Due to our involvement in the cannabis industry, we may have a difficult time obtaining the various insurances that are desired to operate our business, which may expose us to additional risk and financial liability.
  • There may be difficulty enforcing certain of our commercial agreements and contracts.
  • Certain of our directors, officers, employees and investors who are not U.S. citizens may face constraints on cross-border travel into the United States.
  • We are, and may in the future be, subject to disputes and assertions by third parties that we violate their intellectual property rights. These disputes may be costly to defend and could harm our business and operating results.
  • Some of our solutions contain open source software, which may pose particular risks to our proprietary software and solutions.
  • Failure to protect or enforce our intellectual property rights could harm our brand, business and results of operations.
  • We may be unable to continue to use our existing domain names, or prevent third parties from acquiring and using domain names that infringe on, are similar to, or otherwise decrease the value of our brand or our trademarks or service marks.
  • We will incur increased costs and obligations as a result of being a public company.
  • The requirements of being a public company may strain our resources, divert management’s attention and affect our ability to attract and retain qualified board members.
  • If we fail to establish and maintain proper and effective internal control over financial reporting, as a public company, our ability to produce accurate and timely financial statements could be impaired, investors may lose confidence in our financial reporting and the trading price of our Common Stock may decline.
  • Changes in laws, regulations or rules, or a failure to comply with any laws, regulations or rules, may adversely affect our business, investments and results of operations.
  • Our projections are subject to significant risks, assumptions, estimates and uncertainties. As a result, our actual revenues, market share, expenses and profitability may differ materially from our expectations.
  • We qualify as an “emerging growth company” and “smaller reporting company” within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies, it could make our securities less attractive to investors and may make it more difficult to compare our performance to the performance of other public companies.
  • Our stock price may be volatile and may decline regardless of our operating performance.
  • We may be required to purchase up to 3,860,740 shares of common stock pursuant to forward share purchase agreements, thereby reducing cash available to us for other purposes.
  • Future sales of shares by existing stockholders could cause our stock price to decline.
  • If securities or industry analysts either do not publish research about us or publish inaccurate or unfavorable research about us, our business, or its market, or if they change their recommendations regarding our Common Stock adversely, the trading price or trading volume of our Common Stock could decline.
  • Delaware law and provisions in our certificate of incorporation and Bylaws could make a merger, tender offer, or proxy contest difficult, thereby depressing the trading price of our Common Stock.
  • Our Bylaws provide that the Court of Chancery of the State of Delaware will be the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • We do not intend to pay dividends for the foreseeable future.
  • We may issue additional shares of Common Stock or other equity securities without your approval, which would dilute your ownership interests and may depress the market price of our Common Stock.
  • Negative publicity could adversely affect our reputation and brand.
  • Our business depends in part on a strong brand, and any failure to maintain, protect and enhance our brand would hurt our ability to retain or expand our base of users, suppliers and partners, or our ability to increase their level of engagement.
  • We rely on the performance of highly skilled personnel, and if we are unable to attract, retain and motivate well-qualified employees and contractors, our business could be harmed.
  • If our security measures are compromised, or if our platform is subject to attacks that degrade or deny the ability of users to access our content, users may curtail or stop use of our platform.
  • The impact of worldwide economic conditions, including the resulting effect on advertising spending by businesses, may adversely affect our business, operating results and financial condition.
  • Our business is subject to the risks of earthquakes, fires, floods, droughts, climate change, crop failure due to weather or other factors, water shortages and other natural catastrophic events and to interruption by man-made problems such as computer viruses or terrorism.
  • Our operations and employees face risks related to health crises, such as the ongoing COVID-19 pandemic, that could adversely affect our financial condition and operating results. The COVID-19 pandemic could materially affect our
  • operations, including at our headquarters or anywhere else we operate, and the business or operations of our suppliers, consumers, partners or other third parties with whom we conduct business.
Management Discussion
  • Our only activities through December 31, 2021 were organizational activities, those necessary to prepare for the IPO, identifying a target company for a Business Combination and preparing to consummate the merger with Leafly Holdings, Inc. We do not expect to generate any operating revenues until after the completion of our Business Combination. We generate non-operating income in the form of interest income on marketable securities held in the Trust Account. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.
  • For the year ended December 31, 2021, we had a net loss of $5,702,352, which consisted of operating costs of $2,699,363 and a change in fair value of warrant liability of $3,032,292, offset in part by interest earned on marketable securities held in the Trust Account of $29,303.
  • For the year ended December 31, 2020, we had net loss of $1,874,080, which consisted of operating costs of $661,218, provision for income taxes of $27,112, and change in fair value of warrant liability of $1,975,156, offset in part by interest earned on marketable securities held in the Trust Account of $787,350 and an unrealized gain on marketable securities held in our Trust Account of $2,056.

Content analysis

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Legalese
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H.S. sophomore Avg
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