Seattle-based online cannabis marketplace Leafly Holdings Inc. (Nasdaq: LFLY) on Tuesday named Peter Lee as the company's president and chief operating officer.
Lee was previously president and chief financial officer of Merida Merger Corp. I, the special purpose acquisition company that merged with Leafly in 2022 to take the company public. Lee has served as a board member of Leafly since the merger.
The COO role was last held by Sam Martin, a Leafly spokesperson said. Martin served in the position until early 2023, according to his LinkedIn profile. He held a variety of roles at Leafly over more than seven years with the company.
“We are excited to welcome Peter to our team. His corporate development and capital allocation expertise is welcome at a time of transition for the industry," Leafly CEO Yoko Miyashita said in a news release.
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Lee spent about three years with Merida. He was the co-founder and managing partner at a hedge fund called Sentinel Rock Capital for about seven years before Merida. According to Leafly, Lee has more than 25 years of leadership experience.
A filing with the Securities and Exchange Commission shows Lee will make a base salary of $450,000 and a receive one-time signing bonus of $187,500. Lee will remain on the board but no longer qualifies as an independent director, so he will no longer be on Leafly's nominating and corporate governance committee. The filing notes he will leave the board if he leaves his roles of president and COO.
Leafly, founded in 2010, allows consumers to research and shop for cannabis products online. Retailers, meanwhile, can boost their cannabis business through Leafly's website. Leafly announced layoffs in March of 2023 and October of 2022. The company regained compliance with Nasdaq listing rules in September through a reverse stock split.
Leafly generated $42.3 million in revenue last year, down from $47.4 million in 2022.
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