Marijuana technology company GrowerIQ has completed its acquisition of Ample Organics, a Canadian tech platform business, in a deal the Toronto-based business says represents a major expansion in its Canadian and international footprint.
GrowerIQ bought Ample from U.S.-based Akerna Corp., according to a news release.
The companies did not disclose the price of the all-cash transaction, but the release called the cost “significant.”
The acquisition was finalized in December 2023 and announced this week, GrowerIQ said in the release.
“The acquisition of Ample Organics is a strategic move that aligns with our mission to provide the most effective management solutions for our incredible producers around the world,” GrowerIQ founder Andrew Wilson said in a statement.
“We are excited to welcome the talented team from Ample Organics and look forward to our journey together.”
IGrowerIQ said in the release that the acquisition positions the company as a market leader in Canada and Europe, “boasting the largest market share in the sector.”
“This marks another significant milestone for Ample Organics,” Ample Organics founder John Prentice said in a statement.
“Joining forces with GrowerIQ opens up new opportunities for innovation and growth for the company within the cannabis technology landscape.
“The combined expertise and resources of both teams will undoubtedly create brilliant solutions for licensed cannabis producers globally.”
Akerna acquired Ample in 2020 for 7.5 million Canadian dollars ($5.5 million) in cash and approximately 3.3 million shares exchangeable into an equivalent number of Akerna common stock.
In a regulatory filing at the time, Akerna valued the acquisition at up to $45 million (CA$60 million).
Earlier this year, Akerna said it was exiting the marijuana industry because of headwinds in the market.