DENVER – Akerna (Nasdaq: KERN), a leading compliance technology provider and developer of the cannabis industry’s first seed-to-sale enterprise resource planning (ERP) software technology (MJ Platform®️), has signed an agreement with Priority Technology Holdings, Inc. (Nasdaq: PRTH) to provide CBD and Hemp retailers that use Akerna’s MJ Platform with a credit card payment processing solution. As part of the agreement, Akerna and Priority Technology Holdings will share in payment transaction revenue.
Find out if MJ Platform with Payments is Right for Your Business: Learn More.
CBD is derived from hemp and is legal in the United States as long as it contains less than 0.3% THC. Nevertheless, there is confusion about this industry and these products. Integrating with a specialty merchant services provider, like Priority, is critical to the long-term success of the industry.
Key Facts about The CBD and Hemp Market:
- CBD is an industry poised to reach $16 billion in revenue by 2025. The CBD therapeutics segment alone is on track to earn $9.30 billion in 2026, growing at a compound annual growth rate (CAGR) of 27.4%.
- In 2018, investment firm Cowen, Inc. stated that retail sales of CBD consumer products in the U.S. ranged from $600 million-$2 billion.
- Brightfield Group anticipates global CBD sales will grow to approximately $22 billion by 2022.
- According to a 2019 MarketandMarkets report, the Industrial Hemp Market is projected to grow from $4.6 billion in 2019 to $26.6 billion by 2025, growing at a CAGR of 34.0% during the forecast period.
- The major factors driving growth in the hemp market include increasing legalization in the cultivation of industrial hemp, functional properties of hemp seed and hemp seed oil, and their growing use in different food applications, and chronic diseases.
“Akerna’s technology solutions take a comprehensive approach to helping operators across all sectors of the industry increase efficiency through compliance, precise inventory visibility, and streamlined operations at every point in the supply chain,” said Jessica Billingsley, chief executive officer, Akerna. “With this solution, we are making it easier for our CBD and hemp clients to process payments. With this agreement, we are also well positioned to activate payment solutions through Priority for traditional cannabis sales pending legislative action at the federal level.”
Although federal action is uncertain, at the state level there are 12 cannabis-related ballot initiatives up for a vote in November. The 12 initiatives are the most since the last presidential election in which eight of the nine measures up for consideration passed.
Value to CBD and Hemp Clients
With Priority’s integrated into MJ Platform, CBD and hemp clients no longer need to use an additional or separate payment processing system. The Priority solution supports ACH, card-not-present, recurring payments, and automatic credit card information updates. The integration also allows end-users to enroll and use Priority’s payment processing without leaving MJ Platform.
“We are excited to collaborate with the Akerna team to bring a truly seamless payment and revenue activation experience to the CBD and Hemp industry,” noted Tom Priore, Priority CEO. “Akerna recognized that our agile platform can effectively integrate both point of sale and vendor payment solutions together with analytical features into their application coupled with our robust compliance and market-leading client service will free them to focus on their customer experience and respond to market needs.”
Existing MJ Platform CBD and hemp clients can contact their customer success manager or account executive to sign up to use payment processing.
New CBD and hemp retailers can contact MJ Freeway to learn if MJ Platform with payments is the right solution for their business.
Canadian retail clients can also use the integrated payment solution.
Akerna is a global regulatory compliance technology company in the cannabis space. Akerna’s service offerings include MJ Platform, Leaf Data Systems, solo sciences tech platform, Trellis and Ample Organics. Since its establishment in 2010, the company has tracked more than $18 billion in cannabis sales. Akerna is based in Denver. For more information please visit akerna.com.
About Priority Technology Holdings, Inc.
Priority is a leading provider of merchant acquiring, integrated payment software and commercial payment solutions, offering unique product and service capabilities to its merchant network and distribution partners. Priority’s enterprise operates from a purpose-built business platform that includes tailored customer service offerings and bespoke technology development, allowing the Company to provide end-to-end solutions for payment and payment-adjacent opportunities. Additional information can be found at www.PRTH.com.
Newbie q: Is Broad Spectrum worth taking over Isolate?
Does the extra substances in Broad spectrum really have any benefit without any THC?
I read the following but I dont know enough yet to agree or not: “You cannot get an entourage effect without THC. You cannot therefore completely extract the THC and call it anything but an isolate. You most certainly cannot claim it gives “the benefits of a full spectrum” because it literally cannot do so. There is no such thing as “broad spectrum.” It’s a nonsense term that companies selling isolates are using to trick you into buying their weakened products.”
What are the thoughts of people, esp. those who’ve tried broad and isolate?
HOPE™ Products for Autism Launch in Australia After Earlier US Debuts in Pennsylvania and Louisiana
Zelira Therapeutics Ltd (ASX: ZLD, OTCQB: ZLDAF) just announced that its proprietary cannabinoid medicines, HOPE 1™ and HOPE 2™are now available by prescription to patients in Australia. The HOPE™ forumations, developed by Zelira and noted autism advocate Erica Daniels, first launched in 2019 in Pennsylvania and this fall in Louisiana. “We have had great success […]
Zelira Therapeutics Ltd (ASX: ZLD, OTCQB: ZLDAF) just announced that its proprietary cannabinoid medicines, HOPE 1™ and HOPE 2™are now available by prescription to patients in Australia. The HOPE™ forumations, developed by Zelira and noted autism advocate Erica Daniels, first launched in 2019 in Pennsylvania and this fall in Louisiana.
“We have had great success with HOPE™ in the US and are thrilled to be able to offer it to patients as a treatment option through the Therapeutic Goods Administration’s (TGA) Special Access Scheme,” says Osagie Imosogie, Chairman of Zelira Therapuetics. “Zelira is proud of this latest achievement in our mission to bring cannabinoid medicine to patients around the world.”
The HOPE™ cannabinoid medicines were developed to support the needs of patients with Autism Spectrum Disorder (ASD) by Daniels and Zelira Therapeutics, which then licensed the proprietary formulas to Ilera Healthcare in Pennsylvania and Ilera Holistic Healthcare in Louisiana. HOPE™ has since established itself as one of the top selling formulated medicinal cannabis products in Ilera Healthcare’s portfolio.
“Autism families are finally beginning to have access to a truly better alternative than the harsh pharmaceuticals of the past and I am so proud that HOPE is now available in Australia,” says Erica Daniels, founder of Hope Grows for Autism and co-creator of the HOPE forumalations. “What started off as a labor of love to find a way to treat my own son is now helping parents around the world.”
HOPE™ is part of Zelira’s family of revenue generating medicinal cannabis formulations. The products consist of two pharmaceutical-grade proprietary formulations developed as pharmaceutical-grade products targeting Autism Spectrum Disorder (ASD) as a disease indication.
“Following the success of the HOPE™ launches in Pennsylvania and Louisiana, we are excited to make these products available to patients and physicians in Australia,” says Dr. Richard Hopkins, Zelira’s global Managing Director. “This represents another key milestone in our commitment to bring the benefits of HOPE™ to patients in global markets.”
How long till I have a “normal” THC high again after vaping CBD?
This week I started vaping CBD to try and cut back on my weed consumption during the week as it was starting to interfere with my college classes. The results have blown me out of the water so far, but I’ve also noticed how dampened my THC highs have become. I’m fine with it during the week as I don’t feel awful waking up after a late night sesh and can get my stuff done, but over the weekend I like to indulge a little more since I’ve cut back so much during the week. About how long does it typically take after pausing CBD consumption (I last vaped around 6 pm yesterday) to feel a full, normal high? I do appreciate the calm nature of the highs when you’re loaded up with CBD but it’s just not as satisfying for me in my free time. Any help appreciated 🙂
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