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Leafly and Merida Merger Corp. I Announce Closing of Business Combination – Medical Marijuana Program Connection


SEATTLE AND NEW YORK–()–Leafly Holdings Inc. (“Leafly” or the “Company”), a leading online cannabis discovery marketplace and resource for cannabis consumers, and Merida Merger Corp. I (NASDAQ: MCMJ) (“Merida”), a special purpose acquisition company sponsored by Merida Capital Holdings, today announced the closing of its previously announced business combination. As part of the closing, Merida has adopted the name Leafly and the common shares of Leafly will begin trading on the NASDAQ stock market (“NASDAQ”) on February 7, 2022, under the symbol “LFLY”.

Leafly continued its momentum, reporting a significant acceleration in year-over-year revenue and gross margin growth, as well as a 40% increase in total retail end accounts, in the third quarter of 2021.

Since announcing the proposed combination with Merida in the summer of 2021, Leafly has introduced new value-creating tools for brand subscribers and enhanced its iPhone and iPad app to allow users to place product pickup orders at cannabis base in legal state markets. The company also announced a post-merger board of directors with extensive expertise and bolstered its leadership team with highly experienced hires for chief financial officer, chief legal officer, vice president of sales and vice president. president of engineering.

“Supported by substantial funding, tremendous progress in cannabis legalization and the tailwinds of e-commerce, we are relentlessly focused on investing in our technology, talent and content to execute our growth strategy and create value for all stakeholders,” said Yoko Miyashita, Managing Director. Leafly officer. “Becoming a public company is an important milestone for the entire Leafly team and we thank Merida for their continued support and look forward to working with them and future shareholders to reach new heights.”

Peter Lee, former chairman of Merida Merger Corp. I, who will continue to serve on the combined company’s board of directors, said, “Leafly has long been a critical resource in the cannabis ecosystem. With its three-sided marketplace and unparalleled library of content, Leafly makes cannabis understandable and accessible for consumers, retailers and brands, driving incredible flywheel effect and tremendous brand loyalty across the country. Now, with an experienced management team and substantial funding, Leafly is poised to take the next step in its journey, and we’re excited to continue to play a part.

Advisors

Oppenheimer & Co. served as exclusive financial advisor to Leafly. Weil, Gotshal & Manges LLP served as legal counsel to Leafly. EarlyBirdCapital, Inc. served as financial advisor to Merida. Cowen, Craig-Hallum Capital Group LLC, JMP Securities, LLC and The Benchmark Company, LLC served as financial markets advisors to Merida. Cowen also served as financial advisor on the previously announced $30 million convertible note financing led by Cohanzick Management LLC. Graubard Miller served as Merida’s legal counsel.

About Leafly

Leafly helps millions of people discover cannabis each year. Our powerful tools help buyers make informed purchasing decisions and enable cannabis businesses to attract and retain loyal customers through advertising and technology services. Learn more at Leafly.com or download the Leafly mobile app through the Apple App Store or Google Play.

About Merida Merger Corp. I

Merida Merger Corp. I was a blank check corporation formed for the purpose of entering into a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more companies or entities.

Forward-looking statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are generally identified by the words “believe”, “project”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “expect ‘, ‘opportunity, ‘plan’, ‘may’, ‘should’, ‘will’, ‘would’, ‘will’, ‘will’, ‘will’, ‘probably will’ and similar expressions (including negative versions of these words or expressions ).

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, therefore, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements contained in this press release, including, but not limited to, the risks and uncertainties described in the “Risk Factors” section of the Circular. proxy statement/prospectus/final consent statement filed. by Merida with the SEC on December 10, 2021, the proxy statement/prospectus/consent solicitation supplement filed by Merida with the SEC on December 22, 2021, the proxy statement/prospectus/consent solicitation supplement filed by Merida with the SEC on January 18, 2022 and in other documents filed by Merida from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and Merida undertakes no obligation and, except as required by law, does not intend to update or revise such forward-looking statements, whether whether as a result of new information, future events, or otherwise. Merida does not guarantee that it will meet its expectations.

Source: Operating sheets



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