Leafly is an online cannabis marketplace and content platform that connects consumers with licensed cannabis retailers and brands. Consumers use Leafly to research strains and products, browse retailer menus, find deals, and place order reservations for pickup or delivery at local dispensaries. Leafly does not sell cannabis directly — it connects consumers to retailers who handle fulfillment and payment. The platform attracts over 48M unique visitors annually, primarily through organic search traffic driven by Leafly's SEO-optimized content library. Leafly's paying customers are retailers and brands: retailers (dispensaries and delivery services) subscribe for tiered listings, menu management, analytics, and advertising placements, while brands pay for product listings and digital advertising campaigns. Retail subscriptions account for roughly 86% of revenue, with brands making up the remainder. Beyond base subscriptions, retailers and brands can pay for additional promotional placements, creating an advertising layer on top of the subscription base. Leafly operates at very high gross margins, reflecting the software and content nature of the business. The primary revenue driver is the count of paying retail subscribers and their average revenue per account. Leafly's business is directly tied to the financial health of cannabis operators — when retailers are capital-constrained, they cut marketing spend or fail to pay, which has driven account churn and revenue declines. Growth levers include new state legalizations, deeper local market penetration, hemp-derived cannabinoid partnerships, and potential tailwinds from cannabis rescheduling.