DENVER, July 8, 2020 /PRNewswire/ -- Akerna Corp.
(Nasdaq: KERN), a leading provider of enterprise software solutions
for the cannabis industry and developer of the cannabis industry's
first seed-to-sale enterprise resource planning (ERP) software
technology (MJ Platform®), is pleased to announce it has completed
its acquisition of Ample Organics Inc., Canada's industry-leading seed-to-sale
platform with a majority market share.
"After working closely with John and the team at Ample over the
last six months finalizing our integration and go to market
strategies, I could not be more confident in the merits of the
transaction and associated synergies," said Jessica Billingsley, chief executive officer,
Akerna. "The cannabis economy runs on Akerna. The close of our
acquisition of Ample Organics solidifies our position as the scaled
global technology provider serving the industry."
This combination provides Akerna with a significant advantage as
the company leverages its pre-eminent global technology platform,
addressing the entire supply chain and its regulatory bodies
through accountability and transparency. With this acquisition,
Akerna is further executing on its business strategy of
complementing strong organic growth with select acquisitions of
highly targeted and synergistic technology companies.
"Today marks a significant milestone for Ample Organics,"
commented John Prentice, chief
executive officer of Ample. "We are thrilled to be joining forces
with Akerna to create the only true provider of technology
solutions for the cannabis sector across North America."
Under the terms of the transaction, Ample Organics was acquired
for CAD$7.5 million in cash and
approximately 3.3 million shares exchangeable into an equivalent
number of Akerna common stock.
Cowen acted as exclusive financial advisor to Akerna, and INFOR
Financial Inc. acted as exclusive financial advisor to Ample
Organics.
All numbers are based on currency exchange rates as of
Dec. 17, 2019.
About Akerna
Akerna is a global regulatory compliance
technology company in the cannabis space. Akerna's service
offerings include MJ Platform®, Leaf Data
Systems®, solo sciences, Trellis and Ample Organics.
Since its establishment in 2010, the company has tracked more than
$18 billion in cannabis sales. Akerna
is based in Denver.
Forward-Looking Statements
Certain statements made in
this release and in any accompanying statements by management are
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995. When used in this press release, the
words "estimates," "projected," "expects," "anticipates,"
"forecasts," "plans," "intends," "believes," "seeks," "may,"
"will," "should," "future," "propose" and variations of these words
or similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of
significant known and unknown risks, uncertainties, assumptions,
and other important factors, many of which are outside Akerna's
control, that could cause actual results or outcomes (including,
without limitation, the results of Akerna's contracts, strategic
initiatives, and business plans as described herein) to differ
materially from those discussed in the forward-looking statements.
Important factors, among others that may affect actual results or
outcomes, include (i) Akerna's ability to recognize the anticipated
benefits of being a public company, (ii) competition, (iii)
Akerna's ability to grow and manage growth profitably, (iv)
Akerna's ability to maintain relationships with customers and
suppliers and retain its management and key employees, (v) costs
related to being a public company, (vi) changes in applicable laws
or regulations, (vii) Akerna's ability to identify and integrate
acquisitions and achieve expected synergies and operating
efficiencies in connection with acquired businesses, (viii) and
other risks and uncertainties disclosed from time to time in
Akerna's filings with the U.S. Securities and Exchange Commission,
including those under "Risk Factors" therein. Actual results,
performance, or achievements may differ materially, and potentially
adversely, from any projections and forward-looking statements and
the assumptions on which those vary from forward-looking statements
are based. There can be no assurance that the data contained herein
is reflective of future performance to any degree. You are
cautioned not to place undue reliance on forward-looking statements
as a predictor of future performance as projected financial and
other information, are based on estimates and assumptions that are
inherently subject to various significant risks, uncertainties and
other factors, many of which are beyond Akerna's control. All
information herein speaks only as of the date hereof, in the case
of information about Akerna, or the date of such information, in
the case of information from persons other than Akerna. Akerna
undertakes no duty to update or revise the information contained
herein. Forecasts and estimates regarding Akerna's industry and end
markets are based on sources believed to be reliable; however,
there can be no assurance these forecasts and estimates will prove
accurate in whole or in part.
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SOURCE Akerna Corp.