According to a press release, Akerna will be buying 365 Cannabis, a marijuana ERP software firm that built on built on Microsoft’s Dynamics 365 Business Central.
It has become the most comprehensive cannabis ERP system offering a complete portfolio of tax, financials, reporting and compliance systems.
The company announced that it has signed an agreement to acquire 365 Cannabis in a $17 million deal at 2.1x LTM revenue. The combined key capabilities of the acquisition are listed at the bottom of this announcement.
As per the press release, with the acquisition, 365 Cannabis’ 85+ clients will gain access to Akerna’s Compliance Gateway, feature-rich reporting, MJ Retail POS, and the recently launched Akerna Connect. Akerna has partnered with 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 most robust cannabis-compliant ERP system offering a full portfolio of mainstream tax and financials.
Akerna CEO Jessica Billingsley has said that by adding 365 Cannabis into our Akerna ecosystem, we will continue to create new standards and best practices around compliance in every state, province, and country across the globe, standardize how the global supply chain is managed, and forge best practices in technology and hosting.
“As we combine our leading solutions built specifically for the ever-evolving cannabis industry, along with Akerna’s 80+ integrations through open APIs, we can now offer cannabis operators a full suite of products to optimize their businesses, improve overall functionality, and ultimately increase sales,” says Jeff Kiehn, Chief Executive Officer of 365 Cannabis. “With the combined team of over 200+ skilled employees including 30 + years of consulting experience, coupled with an unrivaled true ERP system and supporting technologies, our goal is to modernize and propel the cannabis industry throughout this rapid growth period and beyond.”
)Cannabis 365 clients include Pharmacann, Nectar, Revolution, Sundial, Kiaro, and many others.