Gryphon And MJ Freeway Acquire Akerna's Software Business For $5M, Game-Changer For Cannabis Industry

Akerna Corp. KERN recently announced the sale of its software business to MJ Freeway Acquisition Co for $5 million in cash, which will coincide with its Gryphon Digital Mining, Inc merger.

The sale includes MJ Freeway's Platform, Leaf Data System brands and Ample Organics.

The transaction marks another significant milestone for Alleaves, Inc., a provider of ERP software solutions to the cannabis industry, as it participates in financing the acquisition by MJ Acquisition Co.

According to a news release, “The merger between Akerna and Gryphon will create a leading, ESG-committed, carbon-neutral Bitcoin miner. Upon completion of the merger, Akerna will change its name to Gryphon Digital Mining, Inc. and is expected to provide Akerna shareholders with access to the bitcoin mining industry with one of its premier operators.”

Both transactions are subject to the approval of the stockholders of Akerna and Gryphon and the combined company's approval for listing on the Nasdaq Capital Market NDAQ.

"This transaction marks yet another significant milestone for our company and underscores Alleaves’ explosive and continued expansion in the cannabis industry," said Mike Beedles, CEO and founder of Alleaves.

The sale will allow both companies to focus on high-growth markets and drive new innovation in the cannabis industry, while the merger between Akerna and Gryphon will position the combined company as a leader in the carbon-neutral bitcoin mining industry.

With the ongoing expansion and maturation of the cannabis industry, these strategic transactions are sure to make waves in the market and further fuel growth and development within the sector.

Photo: Courtesy Of Wance Paleri On Unsplash