In a surprising move, enterprise software firm Akerna (NASDAQ:KERN), which has developed programs to help the cannabis industry, will merge with a Bitcoin miner and sell its software business to POSaBIT Systems (CSE:PBIT, OTCQX:POSAF).
Also this week, a Canadian cannabis trader received a warning from a leading exchange for its poor trading numbers.
Read on to discover more cannabis highlights from the past five days.
Cannabis software company shares new strategy
Akerna carved out a niche for itself by bridging cannabis and technology, but now it looks like the company is heading in a different direction.
On Friday (January 27), the software company confirmed a merger with Bitcoin miner Gryphon Digital Mining in a move that the company says will give investors “access to the bitcoin mining industry with one of its top operators.” Simultaneously, Akerna will sell the following cannabis assets to POSaBIT: MJ Freeway, including the MJ Platform and Leaf Data System brands, and Ample Organics.
The sale is expected to bring Akerna $4 million in cash, which will be used to “pay its remaining outstanding accounts payable and pay any remaining principal balance on its outstanding senior convertible secured notes, net of $500,000 retained for outstanding obligations.” and net cash requirements associated with the proposed merger between Akerna and Gryphon”.
Akerna shares fell sharply during the trading session on Friday. As of nearly 2:30 pm EST, the company was trading at a price of $1.29, representing a decline in value of 27.53 percent.
Canadian producer receives exchange warning
Organizational Chart Holdings (NASDAQ: OGI, TSX: OGI) got a notice of the NASDAQ regarding its listing status.
Since the company’s shares have been below $1 for 30 consecutive business days, the exchange is required to remind the company of its valuation rules. The notice does not immediately affect Organigram’s status on the NASDAQ: the company has until July 24, 2023 to regain compliance or face tougher action from the exchange.
If Organigram misses that deadline, you may be eligible for a 180-calendar-day extension.
The notice is likely to remind cannabis investors of the recent case faced by trader HEXO (NASDAQ:HEXO, TSX:HEXO), which regained compliance with NASDAQ’s listing rules last week.
cannabis company news
- Ayr Wellness (CSE:AYR.A,OTCQX:AYRWF)finished his proposed acquisition of the equity stake in Gentle Ventures, which oversees Dispensary 33. “The cannabis market has changed significantly in the 15 months since we agreed to acquire Dispensary 33. Both parties have recognized this reality and entered into a good-natured dialogue. faith as we come. to the mutual decision to terminate the proposed deal,” Ayr chairman David Goubert said.
- Village Farms International (NASDAQ:VFF)insured an investment agreement worth $25 million with “certain institutional investors” through the offering of more than 18 million shares.
- MariMed (CSE: MRMD, OTCQX: MRMD)closed a $35 million secured line of credit with Chicago Atlantic Advisors, the lead lender on the deal. “While we are able to fund our current growth plans with cash flow from operations, the time is right to raise capital and accelerate these plans, which we believe will generate significant returns for our shareholders,” said Jon Levine, president and Interim CEO of MariMed. , saying.
- Agrifiar (NASDAQ:AGFY)shared with investors a return strategy focused on renewed future growth. “Like many organizations in our industry and within the broader business landscape, we continue to encounter several obstacles that have required significant adjustments to our operating plan in the near term,” said Raymond Chang, Agrify President and CEO.
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Bryan McGovern, do not have any direct investment interest in any of the companies mentioned in this article.
