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Why Is Leafly (LFLY) Stock Getting High Today?

  • Leafly (LFLY) stock is climbing thanks to news of a deal with Uber’s (UBER) Uber Eats.
  • Uber Eats will now be able to deliver cannabis products for Leafly.
  • This service only applies to the city of Toronto, Canada.
An image of different forms of medical marijuana representing LFLY Stock.

Source: Bukhta Yurii/Shutterstock

Leafly (NASDAQ:LFLY) stock is in the news Monday after reaching an agreement with Uber’s (NYSE:UBER) Uber Eats for the delivery of cannabis products in Toronto, Canada.

With this new partnership, residents in Toronto aged 19 years or older will now be able to have cannabis goodies delivered directly to them. Customers can choose from any registered, licensed cannabis retailers in the Uber Eats app for their deliveries.

This is big news for LFLY stock, as the company runs an online marketplace for cannabis products. The integration with Uber Eats expands its reach — and marks the first time such a company has partnered with a major third-party delivery service.

LFLY Focuses on Safe and Legal Cannabis

Yoko Miyashita, CEO of Leafly, said the following about the news in a release:

“Leafly has been empowering the cannabis marketplace in Canada for more than four years and we support more than 200 cannabis retailers in the GTA. We are thrilled to work with Uber Eats to help licensed retailers bring safe, legal cannabis to people across the city.”

LFLY stock is experiencing heavy trading today on the partnership. This has some 2 million units on the move as of this writing. That’s already well above the company’s daily average trading volume of about 778,000 shares.

LFLY stock is up 17.1% as of Monday afternoon.

Investors keeping an eye out for all of the latest stock market news are in the right place!

InvestorPlace is home to all of the hottest stock market coverage traders need for Monday! Among that is why shares of Canoo (NASDAQ:GOEV) and Cloudflare (NYSE:NET) are moving, as well as short squeeze stocks to watch this week. You can catch up on all of that news at the following links!

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/10/why-is-leafly-lfly-stock-getting-high-today/.

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