Welcome to our dedicated page for Akerna news (Ticker: KERN), a resource for investors and traders seeking the latest updates and insights on Akerna stock.
Akerna Corp. (symbol: KERN) is a forward-thinking technology company specializing in software solutions for the cannabis industry. Established in 2010, the company has rapidly grown to become an industry leader, offering comprehensive data and consulting services tailored specifically for cannabis businesses. Akerna's flagship technology, MJ Freeway®, processes over $5 billion in cannabis sales transactions and serves clients across the United States, Canada, Europe, and Australia.
The core of MJ Freeway's offerings is a patented seed-to-sale supply chain ERP platform. This platform leverages sophisticated business intelligence insights to help cannabis businesses manage their operations more efficiently and stay compliant with regulatory requirements. Additionally, MJ Freeway's Leaf Data Systems technology empowers governments to monitor cannabis production and distribution, preventing diversion and ensuring the safety of patients, the public, and products.
In terms of consulting, MJ Freeway offers a complete suite of services designed to assist cannabis businesses in optimizing their operations, from initial setup to scaling their ventures. These consulting services provide expert guidance on navigating the complexities of the cannabis industry, ensuring that businesses are well-positioned for success.
Recently, Akerna has embarked on a series of strategic moves to enhance its market presence. Notably, the company is involved in proposed transactions with Gryphon Digital Mining, Inc. and MJ Acquisition Co. These transactions are expected to close around January 31, 2024, subject to necessary approvals and conditions. Gryphon Digital Mining is a notable player in the Bitcoin space, focusing on integrating digital assets into the clean energy grid with a net carbon-negative strategy.
Financially, Akerna remains committed to managing its operational expenses and navigating the costs associated with these proposed transactions. The company actively engages with investors and stakeholders, providing transparency through regular filings with the U.S. Securities and Exchange Commission (SEC).
For more information about Akerna Corp. and its innovative solutions for the cannabis industry, visit their official website at Akerna.com or contact their Investor Relations department at (516) 419-9915.
Akerna Corp. (Nasdaq: KERN) has announced a merger with Gryphon Digital Mining in an all-stock transaction, enhancing its portfolio in the bitcoin mining sector. Upon completion, Akerna will be renamed Gryphon Digital Mining, focusing on ESG-committed, carbon-neutral operations. Gryphon has consistently ranked among the top bitcoin miners, with a potential revenue-generating capacity of 1.1 EH/s. Concurrently, Akerna will divest its cannabis software business to POSaBIT for $4 million, which will be used to settle outstanding debts. Stakeholder approvals are required for both transactions, and Akerna's transition to a bitcoin-focused entity is expected to enhance shareholder value.
Akerna announced the successful completion of its sale of 365 Cannabis to 365 Holdco LLC on January 11, 2023. The total transaction consideration is approximately $2.8 million, including a cash payment of $500,000 and the termination of an earn-out payment valued at $2,283,806. A portion of the cash payment, $100,000, is being held back for post-closing adjustments. Akerna, a leader in cannabis compliance and data solutions, continues to enhance the industry with its technology and consulting services.
Akerna (Nasdaq: KERN) reported a remarkable 12.7% year-over-year growth in cannabis sales during the Thanksgiving weekend, totaling over $289 million. Key sales days include Green Wednesday, achieving $116.4 million in sales, and Black Friday, nearing $115 million. Green Wednesday sales climbed 16% year-over-year, while Black Friday sales increased by 14%. The sales growth reflects the cannabis industry's integration into holiday shopping traditions and emphasizes the importance of brand differentiation.
Akerna (Nasdaq: KERN) reported Q3 2022 financial results with software revenue of $5.3 million, a 17% increase year-over-year, contributing to total revenue growth of 5% to $5.4 million. Gross profit remained stable at $3.4 million, representing 62% of revenues. Although the company recorded a net loss of $2.3 million, it improved Adjusted EBITDA losses to $1.4 million. Akerna's Annual Recurring Revenue (CARR) reached $16.9 million, a 3% increase. Strategic measures include exploring financial options and addressing compliance via a 20-for-1 reverse stock split.
Akerna (Nasdaq: KERN) announced a 20-for-1 reverse stock split effective November 8, 2022, to comply with Nasdaq's minimum bid price requirement. The reverse split will reduce the number of common shares from approximately 80.4 million to around 4.0 million, while the overall share structure remains unchanged. All outstanding securities will be adjusted accordingly, and no fractional shares will be issued. Akerna aims to enhance its market presence and improve stock performance following the split.
Akerna (Nasdaq: KERN) will report its third quarter financial results for the period ending September 30, 2022, on November 14, 2022, before market open. Following the financial report, management will host a conference call at 11:00 AM ET, including prepared remarks and a live Q&A session. Interested participants can join via phone or listen to the webcast on Akerna's Investor Relations website. Established in 2010, Akerna serves the cannabis industry with its MJ Platform, tracking over $20 billion in cannabis sales.
Akerna (Nasdaq: KERN) reported cannabis sales of $249.6 million over Halloween weekend, a 6% increase from the previous year. This period is historically significant for cannabis sales, with the Friday before Halloween being a top sales day for 2022. The growth aligns with an overall rise in retail spending, as noted by the National Retail Federation. Akerna's CEO Jessica Billingsley highlighted the need for operators to efficiently differentiate and prepare for holiday demand, utilizing available data tools for inventory and staffing.
Akerna Corp. (Nasdaq: KERN) has announced a securities purchase agreement with institutional investors, involving the sale of 400,000 shares of Series A and 100,000 shares of Series B convertible redeemable preferred stock at $9.50 each. This results in gross proceeds of $5.0 million. The preferred stocks can be converted into common stock at an initial price of $0.25 per share, contingent upon shareholder approval for a reverse stock split. The offering's closing is anticipated on October 4, 2022, pending customary conditions. A.G.P./Alliance Global Partners acts as the exclusive financial advisor.
Akerna (Nasdaq: KERN) reports that consumer spending on cannabis during Labor Day weekend remained roughly flat year-over-year, totaling $229.8 million. This marks a 2% decrease from last year's spending, attributed to fewer shoppers and smaller purchase sizes. Despite being resilient, the cannabis market is not entirely immune to economic shifts. Akerna emphasizes the need for cannabis brands to focus on differentiation and efficient production. Key categories such as flower and cartridges saw slight increases, while infused edibles and other categories declined.
Akerna (Nasdaq: KERN), a leader in cannabis software, announced that CFO Dean Ditto will present a corporate overview at the 24th Annual H.C. Wainwright Global Investment Conference, scheduled for September 12-14, 2022. The presentation will be available on-demand starting September 12 at 7:00 a.m. ET for registered attendees. Since its launch in 2010, Akerna has tracked over $30 billion in cannabis sales, positioning itself as the first cannabis software company listed on Nasdaq. The company's MJ Platform services the entire cannabis supply chain.
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