Akerna closes $17 million acquisition of 365 Cannabis, built on Microsoft's Dynamics 365 Business Central, offering cannabis operators the most comprehensive ERP system
DENVER, Oct. 4, 2021 /PRNewswire/ -- Akerna (Nasdaq: KERN), a leading enterprise software company and the developer of the most comprehensive technology infrastructure, ecosystem, and compliance gateway powering the global cannabis industry, announced it has closed the acquisition of 365 Cannabis, a cannabis ERP and business management software system built on Microsoft's Dynamics 365 Business Central, in a $17 million deal.
The combined complementary key capabilities of Akerna and 365 Cannabis will:
An updated investor deck on the transaction is available at: ir.akerna.com.
"The 365 Cannabis acquisition represents the final piece of the puzzle for connecting cannabis compliance with mainstream ERP offerings to give our clients a choice between all of the most popular financial and operational systems," said Jessica Billingsley, Akerna CEO. "We are proud to offer cannabis operators the most comprehensive cannabis technology ecosystem of the best-in-class tax, financial, compliance, consulting, training, data analytics, product development, and more."
As the cannabis industry experiences continued growth and the possibility of US federal reform increases, cannabis operators are seeking to grow their operations and expand into new markets. To reach those growth goals while meeting multistate compliance, cannabis operators require a comprehensive ERP system, like Akerna's, that can scale with them.
Akerna has partnered with SAP, Sage Intacct, and other leading financial and tax planning providers to offer cannabis operators a solution for each stage of their evolution – from startup to multistate operator (MSO) – while maintaining regulatory compliance through Akerna's compliance gateway. The acquisition of 365 Cannabis accelerates the deployment of this strategy with the addition of Microsoft capabilities, further establishing Akerna as the most robust cannabis-compliant ERP system offering a complete portfolio of mainstream tax and financials.
"We're thrilled for this acquisition to be finalized and to officially be a part of the Akerna family of brands. Akerna's clients have a true path to scalability while remaining in the Akerna ecosystem. 365 Cannabis' clients will receive access to a more robust platform, a large pool of integrations and complementary products and a broader support team. Overall, this acquisition provides unparalleled opportunities for growth to service current and future clients, expansion into new markets, and supports client retention through product, service, and reach," said Jeff Kiehn, 365 Cannabis Chief Executive Officer.
Using connected data and information to propel the cannabis industry forward, Akerna empowers businesses, governments, patients, and consumers to make smart decisions. The Company's cornerstone technology, MJ Platform, the world's leading infrastructure as a service platform, powers retailers, manufacturers, brands, distributors, and cultivators. Akerna also offers a complete suite of professional consulting services and data analytics for businesses as well as solo sciences, MJ Freeway, Leaf Data Systems, Trellis, Ample Organics, Viridian Sciences.
About 365 Cannabis
This press release does not constitute an offer to sell or a solicitation of an offer to buy securities of the Company nor shall there be any sell of securities of the Company in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities to be issued in connection with the transactions described in this press release have not been and will not be registered under the Securities Act of 1933, as amended, or any applicable state securities laws and may not be offered or sold absent such registration or an available exemption therefrom.
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