POSaBit won’t match higher bid for Akerna’s marijuana software business

What’s the right revenue per square foot? What’s a realistic business outlook for cultivators? Get realistic market forecasts, state-by-state insights and benchmarks. Get the 2023 Factbook.

Akerna Corp. backed out of an agreement to sell its marijuana software businesses for $4 million to POSaBit Systems Corp. after a new bidder emerged.

POSaBit, which offers payment solutions to the cannabis industry, was notified Friday that Akerna terminated the deal after a third-party proposal for the acquired companies is likely to bring in “a superior offer under the definitive agreement,” according to a news release.

The third party was not identified.

POSaBit, based in Kirkland, Washington, said it will not increase its offer to match the higher bidder.

Denver-based Akerna’s three businesses on the shopping block include:

  • MJ Freeway, a marijuana point-of-sale platform.
  • Leaf Data Systems, a seed-to-sale tracking software for U.S. cannabis markets.
  • Ample Organics, a seed-to-sale tracking software for the Canadian market.

The new bid for Akerna’s software assets will delay the company’s exodus from the marijuana industry as it merges with Las Vegas-based cryptocurrency business Gryphon Digital Mining in an all-stock deal that will allow the latter company to go public on the Nasdaq.

Meanwhile, POSaBit announced Monday it acquired marijuana e-commerce and compliance software assets from Hypur for as much as $7.5 million if certain benchmarks are reached.