POSaBIT to Acquire MJ Freeway, Leaf Data Systems and Ample Organics

January 27, 2023


Note: On April 7, POSaBIT announced the receipt of a notice of termination from Akerna Corp. in connection with POSaBIT's previously announced definitive agreement to acquire MJ Platform, Leaf Data Systems and Ample Organics. After considering all relevant circumstances, the POSaBIT board and management unanimously agreed not to increase its offer to match the alternative offer that Akerna has received. This does not impact the commercial agreements in place between MJ Freeway and POSaBIT relating to various matters, including a Payments Services Referral Agreement which grants POSaBIT certain exclusive rights to provide payment processing services (including the newly acquired suite of Hypur payment products) to MJ Freeway merchants. Read more here.

What is POSaBIT acquiring?

POSaBIT has signed a definitive agreement to acquire MJ Platform, Leaf Data Systems and Ample Organics. We hope to close on the deal in the spring.

Does this impact my relationship with POSaBIT, MJ Platform, Leaf Data Systems or Ample Organics?

The service you trust will continue uninterrupted. Customers, partners, vendors, employees and community members should not be impacted during this stage. Continue to reach out to your existing contacts.

The acquired companies will continue to operate as usual as we grow together until close. Over the next few months, we will start work to bring our teams together,  and integrate exciting new features like cultivation and processing into the POSaBIT platform. We appreciate your patience while we navigate some of the challenges that come with every acquisition. We hope to minimize them as much as possible.

Expect to hear regular updates from our team with exciting news about the acquisition and opportunities to provide feedback and preview new services.

Why are you acquiring these companies?

Our commitment to the cannabis community is only deepened by this acquisition. Together, MJ Platform, Leaf Data Systems, and Ample Organics have focused on building core elements of the global technology ecosystem for cannabis. This new relationship will enhance POSaBIT’s leading payment and point of sale technology with new compliance and seed-to-sale capabilities, together with the skilled teams that built them. We will be stronger together, leveraging our strengths into a unified POSaBIT platform.

POSaBIT CEO Ryan Hamlin commented that one of POSaBIT’s core goals is “to introduce and add new offerings to better serve our merchant partners. Unlike many in our industry, our business is growing at a steady rate, we are adding new team members, and our pipeline of both organic and inorganic opportunities is expanding. We welcome the talented professionals that will be transitioning to POSaBIT and helping to build upon our category leadership.”

Where can I learn more?

If you’re a customer, reach out to your customer success manager to learn more. Investors should consult our Investor Relations page. Otherwise, click here to contact our team.