2024 Cannabis Software Mergers & Acquisitions:
Vangst's Acquisition of Greenforce (September 2024):
Vangst, a leading cannabis staffing platform, has acquired GreenForce, a staffing agency specializing in temporary and permanent placements for the cannabis industry. This acquisition strengthens Vangst's ability to offer comprehensive staffing solutions, combining GreenForce's expertise in the Pacific Northwest with Vangst's national reach. The leadership of Vangst's CEO, Karson Humiston, and GreenForce's CEO, Aaron Mitchell, will drive the integration, enhancing Vangst's capacity to meet the growing demand for skilled labor in the cannabis industry.
Vangst's Acquisition of CannabizTemp Division (April 2024):
Vangst, a leading cannabis industry talent marketplace, has acquired CannabizTemp, the temporary staffing division of CannabizTeam, a top cannabis staffing firm. This acquisition strengthens Vangst's position as a comprehensive workforce solutions provider in the cannabis industry, expanding its offerings in temporary staffing and helping businesses scale quickly with flexible, skilled talent. The leadership of Vangst's CEO, Karson Humiston, and CannabizTeam's CEO, Liesl Bernard, will guide the integration, enhancing recruitment services to meet the evolving needs of cannabis businesses.
Alpine IQ's Acquisition of Dispense (March 2024):
Alpine IQ, a pioneer in the cannabis retail and marketing technology space, has made a significant stride in e-commerce and customer engagement capabilities with the acquisition of Dispense, a leading e-commerce platform for dispensaries. The deal, which was finalized and announced in early March 2024, signals turn in platform experience for dispensary operators who are eager to offer an enhanced shopping experience to consumers through an ecosystem of integrated technologies. Alpine IQ CEO, Nick Paschal and Dispense CEO, Kyla Sirni were the operating CEO's at the time of the acquisition.
Nabis' Acquisition of Blackbird (February 2024):
Nabis, a leading technology-driven cannabis distributor, has advanced its national expansion efforts with the acquisition of Blackbird, a prominent player in Nevada's wholesale cannabis market. This strategic acquisition marks Nabis' entry into Nevada, further expanding its footprint in the rapidly growing cannabis industry. The acquisition of Blackbird enables Nabis to leverage its technology and logistics expertise to enhance distribution services and streamline operations in the Nevada market. This move is part of Nabis' broader strategy to become a dominant player in the national cannabis distribution landscape.
GrowerIQ Acquisition of Ample Organics (January 2024):
GrowerIQ, a leading cannabis technology company, recently completed the acquisition of Ample Organics, a significant player in Canadian cannabis technology.
This strategic acquisition, finalized in December 2023, marks a substantial expansion of GrowerIQ's presence in Canada and internationally. It establishes GrowerIQ as a market leader in Canada and Europe, boasting the largest market share in the sector.
This is the first major deal in the cannabis software sector in 2024 and highlights the growing importance of mergers and acquisitions in this industry, especially in the Canadian market.
2023 Cannabis Software Mergers & Acquisitions:
Ringcentral Acquisition of Hopin (August 2023):
In one of the biggest busts in the cannabis software acquisition landscape is Hopin, an events and community platform that raised over $1 billion (yes, billion) to be sold for a whopping $15 million.
This could ear mark a disturbing trend in overvalued companies having to sell far below what they raised as the reality of run rates reach the cannabis software sector.
Green Check Verified's Acquisition of Komplyd (June 2023):
Green Check Verified, a leading provider of cannabis banking solutions and compliance technology, has expanded its data connectivity and actionable insights for cannabis businesses with the acquisition of Komplyd, a regulatory technology company. This strategic acquisition enhances Green Check Verified's ability to offer comprehensive compliance and financial services to cannabis operators, leveraging Komplyd's expertise in regulatory compliance and data management. The acquisition aims to streamline operations and provide more robust tools for cannabis businesses navigating the complex regulatory landscape.
Leaf Trade's Acquisition of Sweed POS (March 2023):
Leaf Trade, a prominent cannabis wholesale marketplace, acquired Sweed POS, a point-of-sale solution provider. This acquisition strengthened Leaf Trade's position in the cannabis supply chain by offering comprehensive solutions for both wholesale and retail operations. James Yi held the position of CEO at Leaf Trade, and Ken Nguyen was the CTO during the acquisition.
The cannabis software industry has witnessed a flurry of acquisitions and mergers in recent years, reflecting the dynamic nature of the cannabis market. As demonstrated by the series of acquisitions in 2023, companies are striving to offer comprehensive solutions that cater to the diverse needs of cannabis operators. These strategic moves not only enhance the capabilities of individual companies but also contribute to the overall growth and maturity of the cannabis industry as a whole. With the landscape continuously evolving, it is exciting to anticipate further consolidation and innovation in the years to come.
Akerna Corp.'s Merger with Gryphon Digital Mining (January 2023):
Akerna Corp. made a strategic decision to merge with Gryphon Digital Mining, resulting in Akerna Corp.'s complete exit from the cannabis software business. This move allowed Akerna Corp. to focus on its new direction in the cryptocurrency mining industry. During this merger, Jessica Billingsley served as the CEO of Akerna Corp., and Jon Herrick was the CTO.
Alleaves' Acquisition of BioTrack (February 2023):
Alleaves, a cannabis technology company, acquired BioTrack from Forian Inc. This acquisition strengthened Alleaves' position as a provider of seed-to-sale tracking and compliance solutions, enabling cannabis operators to adhere to regulatory requirements. The CEO of Alleaves at the time of the acquisition was Sarah Harnisch, and John White served as the CTO.
POSaBIT's Acquisition of Akerna Corp.'s Assets (January 2023):
POSaBIT, a leading financial technology company in the cannabis industry, acquired the assets of MJ Freeway, Ample Organics, and New Leaf Data Systems from Akerna Corp. This acquisition allowed POSaBIT to offer a holistic product offering, covering every step of the cannabis vertical, from seed to sale. Ryan Hamlin was the CEO of POSaBIT, and Jon Herrick served as the CTO during this acquisition.
BLAZE's Acquisition of Tymber (January 2023):
BLAZE, a comprehensive cannabis retail platform, expanded its product offering by acquiring Tymber. This strategic acquisition enabled BLAZE to provide a full retail solution, including both point-of-sale and ecommerce capabilities. At the time of the acquisition, Chris Violas held the position of CEO at BLAZE, and Kai Crespi was the CTO.
2022 Cannabis Software Mergers & Acquisitions:
Treez Inc.'s Acquisition of Pay Swifter (November 2022):
Treez Inc., a leading cannabis retail software company, acquired Pay Swifter, a payment solution provider. This acquisition allowed Treez Inc. to offer an integrated payment solution to its customers, streamlining the financial operations of cannabis businesses. John Yang served as the CEO of Treez Inc., and Stephen Lemberg was the CTO at the time of the acquisition.
Cova Software's Acquisition of Dabber (November 2022):
Cova Software, a renowned provider of point-of-sale (POS) and ecommerce solutions, acquired Dabber to enable a full retail solution encompassing both POS and online ordering capabilities. This strategic move strengthened Cova Software's position as a leading player in the cannabis retail space. Gary Cohen held the position of CEO at Cova Software, and Matt Berger was the CTO during the acquisition.
Weedmaps' Acquisition of Enlighten (May 2022):
Weedmaps continued its growth trajectory by acquiring Enlighten, a leading provider of in-store menu and advertising solutions for cannabis retailers. This acquisition further solidified Weedmaps' position as a comprehensive platform for cannabis operators, offering marketing, advertising, and information dissemination tools. Chris Beals served as the CEO of Weedmaps, and Grant Kune was the CTO at the time of the acquisition.
Blaze Acquires Canadian POS Software Company, GreenLine, (May 2022)
The acquisition of Greenline by BLAZE represents a significant strategic move for the cannabis software industry, enhancing BLAZE's capacity to serve international clients while gaining valuable experience in Canada's federally regulated market. This deal not only promises increased innovation for Greenline's Canadian retailers as part of the BLAZE family but also highlights BLAZE's ambition to expand its global footprint in the cannabis business sector. For more details, you can read the full article on BLAZE's website here.
Fyllo's Acquisition of NineSixteen (January 2022):
Fyllo expanded its product offering by acquiring NineSixteen, a company specializing in in-store digital signage for cannabis retailers. This strategic move allowed Fyllo to provide a seamless and integrated solution for cannabis operators, combining compliance, data analytics, and digital signage capabilities. Chad Bronstein served as the CEO of Fyllo, and Mike Krass was the CTO during this acquisition.
Dama Financial's Acquisition of GrowFlow (January 2022):
Dama Financial, a financial technology company catering to the cannabis industry, acquired GrowFlow, a leading seed-to-sale platform. This acquisition enabled Dama Financial to offer a more comprehensive suite of financial and operational solutions for cannabis operators. Eric Kaufman was the CEO of Dama Financial, and Kevin Vo was the CTO during the acquisition.
2021 Cannabis Software Mergers & Acquisitions:
Weedmaps' Acquisition of Sprout (September 2021):
Weedmaps, a well-known platform for cannabis information and marketing, acquired Sprout, a retail marketing CRM platform. This acquisition empowered Weedmaps to provide enhanced marketing solutions and customer relationship management tools for cannabis retailers. At the time of the acquisition, Chris Beals held the position of CEO at Weedmaps, and Grant Kune was the CTO.
Akerna Corp.'s Acquisition of 365 Cannabis ERP Solution (September 2021):
Akerna Corp., a leading provider of enterprise resource planning (ERP) solutions for the cannabis industry, made a significant acquisition by purchasing the 365 Cannabis ERP solution. This move allowed Akerna Corp. to expand its capabilities and offer comprehensive solutions throughout the cannabis supply chain. Jessica Billingsley served as the CEO of Akerna Corp., and Jon Herrick was the CTO at the time of the acquisition.
Dutchie's Acquisition of Greenbits and LeafLogix (March 2021):
Dutchie, a prominent player in the cannabis software market, executed a strategic move by acquiring Greenbits, a Dutchie company, and LeafLogix. This acquisition enabled Dutchie to offer end-to-end solutions along the entire cannabis supply chain, ranging from point-of-sale systems to inventory management and compliance. Ross Lipson served as the CEO of Dutchie, and Zach Lipson was the CTO during this acquisition.
2020 Cannabis Software Mergers & Acquisitions:
Fyllo's Acquisition of Canna Regs (January 2020):
In January 2020, Fyllo, a leading cannabis technology company, made a noteworthy acquisition by acquiring Canna Regs. This acquisition was aimed at expanding Fyllo's regulatory compliance capabilities and strengthening its position as a trusted provider of compliance solutions in the cannabis industry. At the time of the acquisition, the CEO of Fyllo was Chad Bronstein, and the CTO was Mike Krass.