In a deal worth $4 million in cash and $13 million in stock, Akerna is buying 365 Cannabis. 365 Cannabis’ 85+ clients will gain access to Akerna’s Compliance Gateway, MJ Retail POS, feature-rich reporting, and the recently launched Akerna Connect.
365 Cannabis is a cannabis business management software system built on Microsoft’s Dynamics 365 Business Central. The deal has a potential earnout of $8 million.
“By adding 365 Cannabis into our Akerna ecosystem, we will continue to create new standards and best practices around compliance in every state, province, and country across the globe, standardize how the global supply chain is managed, and forge best practices in technology and hosting,” says Jessica Billingsley, Chief Executive Officer of Akerna. “The synergies between our two companies’ products and offerings will finally create all in one for the entire cannabis industry, on a global scale.”
“As we combine our leading solutions built specifically for the ever-evolving cannabis industry, along with Akerna’s 80+ integrations through open APIs, we can now offer cannabis operators a full suite of products to optimize their businesses, improve overall functionality, and ultimately increase sales,” says Jeff Kiehn, Chief Executive Officer of 365 Cannabis. “With the combined team of over 200+ skilled employees including 30 + years of consulting experience, coupled with an unrivaled true ERP system and supporting technologies, our goal is to modernize and propel the cannabis industry throughout this rapid growth period and beyond.”
The two companies said in a statement that the acquisition will offer cannabis operators a financial and tax planning system for each stage of their growth while also maintaining regulatory compliance through Akerna’s Compliance Gateway. The acquisition is expected to close in the fourth quarter of 2021.