Akerna, a seed-to-sale software provider that owns MJ Platform and Leaf Data Systems, will merge with bitcoin mining firm Gryphon Digital Mining Inc. in a broad corporate move that will see the company formally leave behind the cannabis space.
The merger is one part of the move. At the same time, Akerna will sell its cannabis software business (MJ Freeway and its related brands) to POSaBIT Systems Corporation, a payment processor that already operates in the industry. The acquisition will clock in at $4 million.
According to the press release: “This transaction provides POSaBIT with an opportunity to combine complementary offerings to scale its business and expand its footprint with established platforms. These complementary products are likely to be mutually beneficial, as together they are expected to provide a comprehensive retail solution for cannabis operators, complete with supply chain compliance.”
Gryphon is a net-carbon-neutral bitcoin miner. After the close of the merger, Akerna will change its name to Gryphon Digital Mining Inc.; current Akerna CEO Jessica Billingsley will hold a seat on its board of directors.
Each transaction is contingent on the other closing.
Presently, Akerna’s MJFreeway platform is operational in Alabama, Arizona, California, Colorado, Connecticut, Florida, Illinois, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nevada, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, South Dakota, Utah and Virginia.