Leafly draws outperform rating as Cowen initiatives coverage of cannabis marketplace

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Leafly Holdings Inc. LFLY, +0.31% shares rose 2.6% in premarket trades Friday after the company drew an outperform rating and a $12 price target as Cowen analysts Harrison Vivas and Vivien Azer initiated coverage of the online cannabis marketplace. Leafly currently counts 8% more paid retailers than its rival company Weedmaps, which is run by WM Technology Inc. MAPS, -2.00%, analysts noted. Leafly’s paid retailers on its network increased by 36% to 5,400 as of March 31, compared to Weedmaps count of 5,000 paid retailers, up 26% as of the same time period. Leafly’s average revenue per account figures should get a boost from new adult use markets opening up in New Jersey, New York, Connecticut and Virginia, analysts said. Shares of Leafly are down 2.4% in 2022, compared to a drop of 45.6% by the AdvisorShares Pure US Cannabis ETF MSOS, +5.63%. Leafly went public in February by closing its merger with the special purpose acquisition company Merida Merger Corp. I.

This article was originally published by Marketwatch.com. Read the original article here.

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