Akerna Acquires 365 Cannabis For $17M, Seeks To Create Most Comprehensive ERP System In Cannabis Industry

Akerna Corp (NASDAQ: KERN), an enterprise software company focused on compliantly serving the cannabis, hemp and CBD industries will acquire 365 Cannabis, a system built on Microsoft MSFT's Dynamics 365 Business Central.

What Happened

The $17 million transaction combines Akerna's compliance gateway and feature-rich reporting with 365 Cannabis' Microsoft offering to offer a full cannabis technology ecosystem, crucial for operators to scale as the cannabis industry continues to grow.

Why It Matters

The acquisition, management says, positions Akerna as the most comprehensive cannabis ERP system offering a complete portfolio of tax, financials, reporting and compliance systems. 

"Through the addition of 365 Cannabis to the Akerna ecosystem, we have rounded out our portfolio of world-class financial and tax planning solutions, supporting cannabis businesses from the day they make their first sale to the day they become an MSO," Akerna CEO Jessica Billingsley told Benzinga. "365 has built a solid team, quality product, and robust client base, and we're thrilled to welcome them to the Akerna family." 

What’s Next

The combined complementary key capabilities of Akerna and 365 Cannabis will: 

  • Enable Akerna to deliver a broad portfolio of ERP solutions for cannabis operators while establishing Akerna as the only cannabis-compliant Microsoft offering.
  • Offer cannabis operators a financial and tax planning system for each stage of their growth.
  • Give 365 Cannabis' 85+ customers access to Akerna's compliance gateway and ecosystem.

"We are thrilled to join the Akerna family, a pioneer in cannabis seed-to-sale software who have built the most comprehensive ERP system in the cannabis industry," Jeff Kiehn, CEO of 365 Cannabis told Benzinga.

"As the industry continues to scale, cannabis operators are looking for technology vendors and other partners to scale with. Adding 365 Cannabis to the Akerna ecosystem answers the demands of growing MSOs, offering them our combined portfolio of the best-in-class tax, financial, compliance, consulting, training, data analytics, product development, and more," Kiehn added.

Akerna has also partnered with SAP SAP, Sage Intacct and other leading providers for integrated financials and tax planning, offering cannabis operators a solution for each stage of their evolution – from startup to multistate operator (MSO) – while maintaining regulatory compliance every step of the way through Akerna's Compliance Gateway. The acquisition of 365 Cannabis accelerates the deployment of this strategy with the addition of Microsoft capabilities, further establishing Akerna as the only cannabis-compliant ERP system offering a complete portfolio of mainstream tax and financials. 

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