Denver cannabis technology business MJ Freeway and MTech Acquisition, a special purpose acquisition firm, said their new holding company set to list on the Nasdaq will be named Akerna once their merger is completed.
In a news release, Scott Sozio, CEO of MTech (Nasdaq: MTEC), said the name Akerna – with “kern” at its center – has two meanings, both as the core of a computer’s operating system and its relationship to agriculture and growth.
The companies announced their planned merger last month. Under the deal, MJ Freeway – a seed-to-sale software provider – and Florida-based MTech will become subsidiaries of the newly created Akerna.
The merger, which is subject to approval by equity holders of each company, is slated to close in early 2019. The deal’s value wasn’t disclosed.
MTech and MJ Freeway’s goals are to provide technology infrastructure for the cannabis industry while pursuing an “aggressive growth strategy” of acquisition opportunities, according to Sozio.