Akerna completes sale of 365 Cannabis

Akerna has announced its sale of 365 Cannabis to 365 Holdco LLC (“365 Holdco”). The sale was completed under the terms and conditions of the stock purchase agreement by and between Akerna and 365 Holdco (the “SPA”) entered into by the parties on January 11, 2023. Under the terms of the SPA, as consideration for the sale of all of the outstanding shares of common stock of The NAV People, Inc (dba as 365 Cannabis), Akerna received a cash payment of $500,000, and the parties agreed to terminate an earn-out payment due and payable to the principals of 365 Holdco LLC with a deemed value of $2,283,806. $100,000 of the cash payment is being held back by 365 Holdco in accordance with the terms of the SPA for post-closing accounts payable adjustments and certain indemnification claims through April 30, 2023.