Online cannabis marketplace Leafly has closed $23 million in new funding according to a Geekwire report.
According to the report, the Seattle-based startup plans to expand its online marketplace that lets customers and retailers buy and sell cannabis. Leafly, which also serves as an educational resource, has 120 million annual visitors on its platform.
The funding will be used to add to Leafly’s 160-person workforce and follows a series of layoffs over the past few years, the report further states.
It was in January of last year that Leafly had slashed 18% of its staff, or 54 positions.
At the time, the company’s then-CEO Tim Leslie attributed the move to “market realities of the technology and cannabis sectors.”
Two months later the company had cut 91 more employees, citing the uncertainties caused by the coronavirus pandemic.
Leafly is currently under the leadership of CEO Yoko Miyashita while Leslie is now a founder of a farming nonprofit called Living Roots.
Leafly spun out of Seattle marijuana investment firm Privateer Holdings back in 2019.
The company has raised $38 million in total funding. The recent round was led primarily by existing investors, but Leafly didn’t disclose specific firms or individuals.
