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Leafly Holdings (Nasdaq: LFLY) will transition to over-the-counter trading after failing to meet Nasdaq’s listing requirements.

Trading in Leafly’s stock and warrants will be suspended on the Nasdaq effective Jan. 17, the company announced Thursday afternoon. The securities are expected to begin trading on the OTC market under the symbols LFLY and LFLYW.

Nasdaq rules require listed companies to report at least $500,000 in net income from continuing operations in their most recent fiscal year or in two of the last three fiscal years.

The Seattle-based company has struggled with declining revenue and retail accounts. In its most recent quarter, Leafly reported revenue fell to $8.3 million from $10.5 million a year earlier, as the number of retail accounts dropped 20% year-over-year to 3,554.

Separately, Leafly announced it reached an agreement with holders of its convertible senior notes to extend the maturity date from Jan. 31 to July 1, 2025. As part of the amendment, the company agreed to pay down 12.5% of the outstanding principal and grant first priority security interest in substantially all assets to secure the notes.

The debt extension provides some breathing room for Leafly, which previously disclosed it lacked ability to repay roughly $29.2 million in convertible notes originally due this month. CEO Yoko Miyashita had cited debt management as a top priority heading into 2025.

Leafly has taken on significant restructuring efforts over the past year to stabilize the business, shuttering its news division in 2023 and gutting staff by nearly half. Despite those actions, Leafly reported having just $13.5 million in cash against $34.1 million in total liabilities as of the end of September.

GMR previously reported that the company has particularly struggled with payment delinquencies, which accounted for nearly 40% of monthly recurring revenue lost in recent quarters, according to Miyashita. Still, the executive gave investors some optimism in November that “the most significant challenges in the retail business are behind us,” adding that retail revenues and accounts had begun to stabilize.

Leafly joins other cannabis-related firms leaving major exchanges, whether via delisting or take-private bids. Colombia-based Clever Leaves Holdings voluntarily delisted from Nasdaq in April 2024, while New Mexico’s Bright Green Corp. had its shares suspended in September after canceling an appeal hearing. Most recently, Weedmaps’ co-founders entered a bid to take the marijuana e-commerce platform private, with Nasdaq limitations being part of the gripe.

Leafly said the transition to OTC trading will not affect its business operations.