Akerna Sells Cannabis Assets to MJ Freeway Acquisition Corp. for $5M
Summary
Marijuana tech firm Akerna (Nasdaq: KERN) agreed to sell its cannabis-focused software assets to a special purpose acquisition company known as MJ Freeway Acquisition Co. for $5 million, a bid that a few weeks ago sidelined another potential buyer, POSaBIT. In a press release, Akerna said the deal will be simultaneous with its planned merger with Gryphon Digital Mining, a bitcoin miner, as part of its exit from the cannabis trade. Florida-based Alleaves Inc. assisted with the financing in the deal, with support from Bryant Park Capital. The pivot to sell to MJ Freeway Acquisition Co. came as a surprise to observers, since Akerna had originally announced in January its intentions to sell to POSaBIT, and a price tag of $4 million was even revealed. Following the merger between Akerna and Gryphon, the new Las Vegas-based entity will be known as Gryphon Digital Mining Inc., and former Akerna CEO Jessica Billingsley will retain a seat on the company board of directors.