Denver-based Akerna, a marijuana compliance software company, plans to raise $12 million by selling 5 million shares.
Shares will be available for $2.40 per during the offering, which is expected to close Oct. 30.
Proceeds from the offering are intended to fund Akerna’s “growth initiatives, including product development, sales and marketing, strategic acquisitions, working capital and general corporate purposes,” according to a news release.
The company recently acquired Canada-based Ample Organics, a seed-to-sale software business that claims to serve more than 70% of Canadian cannabis license holders.
Akerna trades on the Nasdaq as KERN.