Marijuana compliance firm Akerna reports increased revenue, higher losses

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Denver-based Akerna, a cannabis technology compliance provider, on Monday reported revenue of approximately $11 million for its fiscal year.

The revenue figure for its fiscal year ended June 30 was 4.2% higher during the same period in 2018.

Net loss for fiscal 2019 totaled $12.3 million compared with a net loss in fiscal 2018 of approximately $2.5 million.

Akerna, which is the result of a merger between MTech and MJ Freeway, trades on the Nasdaq under KERN.

The company had $21.9 million in cash as of June 30.

More details on Akerna’s financial results can be found here.

Meanwhile, Akerna CEO Jessica Billingsley will be talking later this week in an exclusive webinar with Marijuana Business Daily’s Investor Intelligence.

For analysis and in-depth looks at the investment trends and deals driving the cannabis industry forward, sign up for our premium subscription service, Investor Intelligence.