Akerna (Nasdaq: KERN) closed on its acquisition of Viridian Sciences, a cannabis business management software system built on SAP Business One. The all-stock deal is accretive to revenue and earnings and is expected to contribute cost synergies. Akerna stock was moving higher by over 1% on the news to lately trade at $4.85.
“We are pleased to officially welcome the Viridian team to the Akerna family. By leveraging our tech synergies, we solidify our ecosystem offering the first and only true ERP software solution specifically built for the cannabis industry,” said Akerna Chief Executive Officer Jessica Billingsley. “Leading enterprise organizations across industries choose SAP Business One for its ability to automate key financial business functions. By combining Viridian’s financial integrations with Akerna’s compliance and regulatory solutions, we continue to strengthen our channel connections with existing ERP providers for the cannabis businesses of today and the post-legalized world.”
Akerna said that as a result of the acquisition, Viridian’s clients receive access to Akerna’s Compliance Gateway, feature-rich reporting, and the recently launched MJ Retail app. Akerna has partnered with ERP solutions such as SAP and other leading providers for integrated financials & tax planning, offering cannabis operators a solution for each stage of their evolution from startup to multi-state operator — all while maintaining regulatory compliance through Akerna’s Compliance Gateway. The acquisition of Viridian accelerates the deployment of this strategy and establishes Akerna as the only cannabis-compliant SAP Business One offering.
“Combining with Akerna gives Viridian the ability to accelerate growth in new markets, as we leverage Akerna’s extensive compliance and partner integrations, furthering our strategy of creating the best-in-class ERP solution for the cannabis industry,” says Grant Fraser, Chief Executive Officer of Viridian Sciences. “We founded Viridian with the goal of becoming the premier SAP Business One cannabis solution and, through this combination with Akerna, we are achieving that goal for our business and our clients.”
“Working with Viridian has provided Wana with greater visibility and control over our supply chain, production management, and financial health, and we are excited to see the relationship continue to grow with both Viridian and Akerna,” noted Logan Craven, Chief Financial Officer of Wana. Viridian clients include Wana, Trulieve, iAnthus, Herbl, Canndescent, and many more prominent cannabis operators and brands.