Cannabis software firm Akerna, which trades on the NASDAQ under the ticker symbol “KERN,” is seeking to raise $12 million in a public offering.

The Denver-based company is planning to raise the money by selling 5 million shares. The shares will be available for $2.40 per during the offering, which is expected to close Oct. 30.

Proceeds from the offering are intended to fund Akerna’s “growth initiatives, including product development, sales and marketing, strategic acquisitions, working capital and general corporate purposes,” according to a news release.

The enterprise software company focused on compliantly serving the cannabis, hemp, and CBD industry. The Company’s mission is to create the world’s most transparent and accountable supply chain by building a cannabis technology ecosystem connecting data points across the global cannabis supply chain from seed to sale to self.

First launched in 2010, Akerna has tracked more than $20 billion in cannabis sales to date and is the first cannabis software company listed on Nasdaq.

Using connected data and information to propel the cannabis industry forward, Akerna empowers businesses, governments, patients, and consumers to make smart decisions. The Company’s cornerstone technology, MJ Platform, the world’s leading infrastructure as a service platform powers retailers, manufacturers, brands, distributors, and cultivators.

Akerna also offers a complete suite of professional consulting services and data analytics for businesses as well as solo sciences, MJ Freeway, Leaf Data Systems, Trellis, and Ample Organics.

The company has recently acquired Canada-based Ample Organics, a seed-to-sale software business that claims to serve more than 70% of Canadian cannabis license holders.

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