Akerna Corp., the parent company of pioneering cannabis technology company MJ Freeway, said Friday it’s exiting the marijuana industry based on headwinds much of the market is facing.
Denver-based Akerna is merging with cryptocurrency business Gryphon Digital Mining in an all-stock deal that will allow the latter company to go public on the Nasdaq.
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Akerna also is selling its software business to POSaBIT Systems Corp., which offers payment solutions to the cannabis industry, for $4 million in cash.
Akerna CEO Jessica Billingsley told MJBizDaily via email that the moves were influenced by federal marijuana legalization happening “slower than anticipated” and “a changing macroeconomic climate that is unfavorable toward our financial obligations.”
“This decision was not taken lightly,” Billingsley added in a separate LinkedIn post.
“After much consideration and evaluation, we believe it provides the best outcome for all of our stakeholders, including our team members and
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