Two notable names in the cannabis industry are teaming up.
Surna Inc., a publicly traded firm listed on the over-the-counter markets, has signed an agreement to acquire a 66% stake of Agrisoft Development Group to add a technology firm to its portfolio.
Agrisoft, a closely held company, develops seed-to-sale tracking systems for state-regulated cannabis cultivators and distributors.
Boulder, Colo.-based Surna will purchase two-thirds of Agrisoft for $4 million, half of which will be paid in common stock and half as a promissory note bearing a 10% interest rate. Surna will make quarterly payments of $150,000 on the promissory note with a balloon payment two years from issuance.
The payments could be increased if Agrisoft meets certain levels of financial performance.
The acquisition is expected to be completed sometime in the first half of this year.
Tom Bollich – who co-founded online gaming company Zynga and now serves as CEO of Surna – said the acquisition is a “game-changer” for his company, which develops technology and products for indoor cannabis cultivation.
“We are convinced that this highly-sought acquisition will enable us to substantially increase our strength and impact in the cannabis industry,” Bollich said in a release.