Akerna Corp (NASDAQ:KERN) posted growth of 24% YoY to $4.1 million in earnings in Q2 2021. Software revenues contributed a significant share of the revenues ($3.4 million).
Its gross profits surged by 60% YoY to $2.7 million in Q2 2021. CEO of Akerna, Jessica Billingsley, said the company reported strong growth in Q2 2021. The company continues to strengthen its channel connections using the prevailing ERP providers.
Akerna prepares to capitalize on the market opportunities post-legalization of cannabis. Its enterprise capabilities, such as financial reporting integrations and compliance solutions, are vital for maintaining strong growth going forward.
Inks a pact to take over Viridian Sciences
Akerna signed a pact to take over the cannabis business management software system built on SAP Business One, – Viridian Sciences. It is an all-stock deal.
Following the acquisition, more than 30 customers of Viridian will get access to the MJ Retail App and the compliance gateway of Akerna.
Akerna entered deals with ERP Solutions like SAP and other companies engaged in offering integrated tax-planning/ financials, which will help cannabis operators from the startup become a multi-state operator. The compliance gateway of Akerna is used to ensure regulatory compliance for cannabis operators.
The purchase of Viridian expedites the deployment of this strategy and positions Akerna as the only company compliant with SAP Business One Solution.
Jessica said cannabis operators are looking for solutions like ERP solutions to scale up their operations. Viridian is a proven solution for cannabis operators because of SAP Business One solution’s reliability.
Akerna plans to improve the value of SAP Business One solution with over 80 integrations/ broader compliance solution.
ERP solutions help businesses to manage all of the functions in a centralized system.
A single tool provides data, business intelligence, human resource management, supply chain information, finance, inventory, and compliance/ risk management functions together for the companies to manage effectively.
CFO of Wana, Logan Craven, said Wana benefitted from greater visibility in its supply chain, finance, and production management by working with Viridian. It is excited that its relationship with Akerna and Viridian will improve further.
The clients of Viridian are Canndescent, Herbl, iAnthus, Trulieve, and Wana.
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