Curaleaf Shrinks in 3 States While Akerna Exits Cannabis
WAKEFIELD, Mass., and DENVER – Two of the cannabis industry’s most visible public companies are taking dramatic measures to survive market volatility. Curaleaf Holdings Inc. is pulling out of three West Coast states, and Akerna Corp. is leaving the industry altogether. Akerna ( KERN ) will merge with Gryphon Digital Mining, a privately held bitcoin mining company based in Las Vegas. The all-stock deal will allow Gryphon to become publicly traded under Akerna’s ticker. Gryphon’s previous attempt to go public, through a similar reverse merger with net-carbon-neutral cryptocurrency miner Sphere 3D, was called off in April “due to changing market conditions, the passage of time, and the relative financial positions of the companies, among other factors,” according to a Gryphon statement. Once the merger closes, Akerna Corp. will be renamed Gryphon Digital Mining Inc. Gryphon Chief Executive Officer Rob Chang will maintain his role leading the combined companies. Akerna CEO Jessica Bill...