News Contact Us

MTech Acquisition and MJ Freeway LLC combine to establish Akerna Corp

Author : Shikha Sinha | Published Date : 2019-06-20 

MTech Acquisition Corp., the first Special Purpose Acquisition Company (SPAC) to be listed in U.S. that acquires business ancillary to the cannabis sector, has recently joined hands with MJ Freeway LLC, a leading seed-to-sale regulatory compliance technology provider, to form the first compliance technology company in the cannabis space to be traded on Nasdaq, known as Akerna Corp.

The merger was confirmed at a meeting of MTech stockholders on June 17, 2019. Akerna’s shares of warrants and common stock began trading on the Nasdaq Stock Market on June 18, 2019, under the symbols KERNW and KERN, respectively.

Jessica Billingsley, Co-Founder and CEO of MJ Freeway, would be leading Akerna and becomes the first CEO to bring a regulatory compliance technology company in the cannabis space to Nasdaq. She stated that with cannabis legalization expansion across the globe, they believed it was crucial that consumers, patients, businesses and governments have the tracking and compliance technology they need to make considerate decisions and adhere to applicable regulations.

Scott Sozio, CEO, MTech Acquisition, was reportedly quoted saying that MTech was delighted to close the transaction and looked forward to capitalizing on the significant financial as well as and operational advantages they believed the alliance has created. He further commented that compliant, scalable and comprehensive tech solutions will establish the a rapid growth for the industry while serving as a backbone for sustained success.

Roger McNamee, Senior Advisor for Board of Directors at Akerna, added that Cannabis companies in pursuit of becoming leaders were adopting MJ Platform as it was the only ERP product with the technical foundation to support multi-location and multi-line operations. This deal allows MJ to better support users in managing tremendous growth and complexity as the industry expands from a local to global scale.

For the record, Denver-based Akerna Corp., plans to expand through targeted, strategic acquisitions complementary to its current business and by accelerating its product development efforts.

Source credit: https://www.globenewswire.com/news-release/2019/06/17/1869814/0/en/MTech-Acquisition-Corp-Completes-Merger-With-MJ-Freeway-LLC-to-Form-Akerna-Corp.html  

About Author

Shikha Sinha

Shikha Sinha

Shikha Sinha currently pens down content for fractovia.org, a news platform which provides the latest business highlights and industry trends. Shikha also is a contributor on various other online media websites where she writes informative, research-oriented content spanning the retail, healthcare, F&B, and technology sectors. As her first stint in writing, Shikha was an active contributor on Yahoo Voices where she penned down creative and imaginative pieces. She holds a Bachelor of Technology degree in Electrical and Electronics Engineering. She can be contacted at- [email protected] | https://twitter.com/shikhas999

Related News

Clio raises $250 million in a Series D funding by TCV and JMI Equity

Published Date: 2019-09-06         Author: Shikha Sinha

The cloud-based legal technology startup hits a historic mark in future of legal industry with this investment. Clio, a leading legal software company has recently announced that it has bagged US$250 million in Series D funding from American equity firms JMI Equity and TCV. According to sour... Read More

Co-working firm Spacious the latest in WeWork’s acquisition spree

Published Date: 2019-08-29         Author: Shikha Sinha

New York-based co-working business, The We Company, formerly known as WeWork, has today announced its acquisition of rival start-up Spacious. The company, formed three years ago, is focused on converting restaurants closed during the day into efficient spaces for co-working. WeWork is a part of many... Read More

SoftBank in talks to invest $150M in Dailyhunt and $400M in Lenskart

Published Date: 2019-08-27         Author: Shikha Sinha

SoftBank is expected to lead a $250 million round with private equity major Carlyle for Dailyhunt   South American conglomerate Synergy Group also hopes to invest in India’s Jet Airways. SoftBank Group Corp., a Japanese multinational conglomerate, is reportedly in talks to clo... Read More

© 2021 Fractovia. All Rights Reserved