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NIC Inc. (NASDAQ:EGOV), a provider of digital government services, announced the acquisition of Complia Monday in a move that will allow it to enter the cannabis industry.
What Happened
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The terms of the acquisition were not disclosed. NIC said the transaction involves Complia's entire business and all employees. Complia's founders Alex Valvassori, Harikrishnan Gopalakrishna and Ramesh Babu will join Complia in senior management positions.
Why It's Important
Complia operates a technology platform that helps government regulation of the cannabis and hemp industries.
The cloud-based platform serves three aspects of regulation: business licensing, patient and caregiver registration and employee credentialing. It can also integrate seamlessly with NIC's own payment processing system and third-party seed-to-sale systems, according to Monday's announcement.
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In this way, the acquisition will allow NIC — which serves more than 6,000 federal, state and local government agencies — to substantially expand its business.
Complia includes dozens of tailored licensing services in many U.S. states, as well as a custom cannabis regulatory system for the state of Oregon.
It also has an enterprise licensing and permitting platform for the state of Illinois, where the governor recently announced plans to legalize adult-use cannabis.
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BioTrackTHC Announced As Conditional Winner Of Maine Cannabis Tracking Contract
Photo courtesy of NIC.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.