Akerna Announces European Expansion Through MJ Freeway Business

Akerna Corp KERN, a regulatory compliance technology company in the cannabis industry, on Tuesday confirmed an expansion in Europe.

Akerna offers customers a central data management system for tracking regulated cannabis products. The company was born out of the merger of MTech and MJ Freeway.

Akerna said its MJ Freeway business will now serve clients in Italy and Macedonia. MJ Freeway now offers its services to clients in five European countries.

Macedonia is among a small group of countries that approved medical cannabis for cultivation and export. Italy has seen an uptick in hemp production to address its market for industrial products and demand for consumer goods, like cosmetics.

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MJ Freeway's new clients include cultivation operators who need enterprise resource planning compliance and inventory management solutions. In conjunction with the European expansion announcement, Akerna said its MJ Freeway business opened operations in Colombia.

It's "imperative" for cannabis companies to have access to Akerna's suite of technology, according to Akerna CEO Jessica Billingsley.

"By giving governments, businesses, and consumers the tools needed to productively manage regulatory demands, we are able to execute our plan to connect data points across the global cannabis supply chain," Billingsley said in the press release.

Akerna shares traded lower by 3.4% to $18.55 at time of publication.

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