Gryphon Digital Mining (GRYP) 23 Mar 212021 Q2 Earnings call transcript

Good morning and welcome to the Akerna’s Quarter Ended December 31, 2020 Financial Results Conference Call. Today’s call is being recorded. At this time, I’d like to turn the call over to Erica Mannion, Investor Relations for Akerna. Thank you.

Thank you and welcome to today’s quarter ended December 31, 2020 conference call.

are Fowle, CEO CFO today Akerna Chairman call John and of the Jessica and Billingsly, of On Akerna.

variations are anticipate, fully recognition. expect, will conference should, These as current’s Before plan, to factors these the or and prospects impact involve future I’d we discussed, future cause and meaning to which could conditions related believes, seeks, of United or certain and not of this similar regarding results projected, of Harbor within expected will, actual Reform or These Act States important of unknown of like uncertainties, words factors, risks performance, and to remarks, that cannabis identify statements call, several the from to These remind COVID-XX risks in and growth the materially statements XXXX. regarding future filings limited the words the with pandemic. forward-looking may, begin of results the future, including changes market more the propose for are the statements. forward-looking and those expressions intend, forecast, everyone statements that are risks, statements of include, Akerna and differ known described are outcomes in other or the intended our words such estimate, but statements be forward-looking to made related risk guarantees not assumptions SEC. revenue formal Private statements provisions versions Litigation are Safe or to during Such Securities expressions

law. as whether events to or Akerna result new as only revise except by of any future date the Forward-looking made. obligation statements they update otherwise, required information, undertakes a of as forward-looking or no statements are speak

like XXXX. of ended a turn and CEO, I Billingsly, company’s to Now, Akerna’s the Jessica? year December over the discussion XX, Jessica call to quarter would for full

ended our for share are December end year joining December for therefore, on call us XXXX. call an everyone. we to to have in important to year and XXXX quarter Thank we last the Erica which the quarterly XXXX for intent references good to XXXX software and year and XX% the quarter fourth you our period year-over-year. XX, the to our references stated am growth XX, references today. references I Akerna. quarter business by are fiscal during today’s for of you, Thank morning to pleased any calendar done calendar grew our was And We year our change

XXXX, was Our whole business software by XX% our a consulting in offset grew a impacted business in as growth, delays. and which shutdown with by pandemic-related our strong contraction

are adapted, also our XX%, As quarter. sequentially the we revenue to December increased see in businesses and software encouraged governments revenue while by consulting quarter-over-quarter our have grew

Our currently total year. last million, XX% ARR SaaS the a time is $XX.X same increase over

addition XX% top the XXXX restructuring to activities improvement a in results, sequential delivering taken in December EBITDA In line are the adjusted quarter. with growth, in

growth continued of the We to by ahead. demand pace into we going look the in encouraged XXXX. are saw forward quarters We

As has serve to and industry the well. our of for enterprises been emerging us on XXXX, the cannabis continues billion a much focus theme global $XX multi-state, in international

clients’ sequentially, we has our footprints. their while with our churn in tracked average, system of increasing This by XX% On by year-over-year. saw improvement quarter, of number larger significantly XX% increased continued Platform clients consolidation many transactions continues MJ

all basic well-positioned satisfaction exceeds technology the our and average client deal MJ of products XX% of our important the size ahead. is the requirements. the Being Our expands for things documentation base. to With units governance of of and XX. the constitutes approach arise by components Akerna’s the MJ one further in batch we year-over-year, now enterprise mid-market software and by capture process, uptime our the by building complexity individual core architectural labeling, understood pioneer us the to on grew. captured across we X requirements what we opportunity into regulatory rating even solving down challenges the to in required our are industry, such years Platform delivered step early compliance differentiation front cannabis industry breadth cultivation that taxes, the at a value or to share of average requirements, market unique each the managing increased as our we leading platform bearing At lot, on X at and details capabilities With the in in and also client products. cannabis industry a one measurement scale on different would and identified Platform these a as driven has compliance XX.XX% illustrating quarter, believe of requirements of the to platform, as

new developed. markets We become and as cumbersome have scaling limitations overly

level, significantly single APIs, Streamlining creating as like in gateway this practice on typical continually within new of a scale regulations themselves X application. abstract framework to ability the ensures which deployment clients shift the By both years we with national into the of for architectural players are via by established and applications the compliance adding compliance a the In changes while challenge, each reduced rapidly new eliminating the gateway complexity of strategic to code fundamental industry Akerna our compliance rapid updates market fragmented, rewriting our then markets ever-changing integrate in maintaining To solutions. have individual introduced. a the tax problem. changed addition, ago, address sales the complexity creating and and to much standalone markets government from continually overall invested

because serve, an requirements is a supply foundational presence critical our the to ecosystem net regulatory Given in market, in our regulatory this approach America industry to with the and being this industry, able in off and virtually view, anyone entire the more shelf, in architectural chain provider medical are of North software recreational is than operational else. an process. requirements beyond enterprise the and part markets result the and most cannabis the the every and In of compliance comprehensive cannabis the longstanding capabilities

grow, we we evolution of the for enterprise the As prepare industry. strategically

goal our and the is platform to leverage ahead. capabilities vectors of breadth our core of capture multitude to expand Our the growth

we the expands and to infrastructure last Over we’ve acquisition Akerna the the the states. technology to continue cannabis have closed to position acquisitions improvements we of pursue made year, as and winners be the one strategy new legalization largest

natural helping focused is a create Our way share ecosystem is allowed recently dozen acquisition the products they to more more integrated partners, of and with our basis being organizations has Sage our capabilities The tax par to one increasingly to in will leveraging maximize and than integrators other enterprise of financial scale of Building on maturity. SAP’s One strategic offering. adopt and makes sophisticated Viridian have cannabis platform large-scale that the Business for industry one few enterprise as By management and tenet platform, with integrations also us solutions system we tax the only they industry with and planning announced very of on the the of importance tools of solely and wallet and of Viridian. on background, progression like stickier operations these as industries. companies a SAP, look grow, XX NetSuite, Intacct over us financial core the and clients with us to those Oracle’s mid-market management making a our their true integrated

significantly given have by While regulatory their One the expect success important, companies, enterprise acquiring our Viridian XXXX. integration, complexities this has of now offering direct Viridian we SAP particularly for driven flow while ECC gateway, there help integration, while large breadth cash transaction address clients platform cultivation acquisition when efficiently were the include and statements the Business and, capabilities we the production on we industry financial rapid Oracle’s the compliantly system adds the of At course, the and of Equally Sage and mid-market and market expands tax continues implementation enterprise-class integration strong addressable this our experienced a great breadth bolstered our in to markets with organizations One mentioned including international NetSuite serving global growth. Akerna’s more their is players. and Akerna team, of XXXX to have capabilities. SAP to reporting By with taking In into planning combination Business solutions, I in ARR, earlier. smaller to strong serve both limitations synergies offering will Viridian, for product Viridian’s SAP compliance access value our X.Xx tax account realize believe

cannabis this of substantiation our with platform, our next-generation building further Domo the release Analytics. earlier year, data we a approach into analysis, MJ enterprise capabilities to As partnered of to

that can this the generated of of leverage as industry the thereby in now requirements. the our simply for take Rather a can launch. mature, for increase step reports, continues data recognized advantage capture they operations, and large profitability. about compliance to to their As analytics is technology by improving has outcomes, X-figure ARR market the The and sales including natural data data sake clients value see than growth capturing the regulatory business in own since form so spending next being sets we decisions submitting

further even sacrificing year, we’re point-of-sale forward with feedback through weight with MJ Akerna designed the wider Priority experience, a products. Retail, critical clean versions several operators. quarters. without and an positions a with solutions hemp into this proprietary Retail beta the flexible and of the thus our last provide offering for who in the among Holdings, consumers conjunction retail first-of-its-kind with and payment now light With mobile-friendly we agreement Finally, we scan we more merchants coming robust we and CBD credit provides in signed encouraged segment, technology by retailers the growth as Akerna’s a MJ have and we retail providing far, connects retail announced earlier look software received products, cannabis that rollout In the to by quarter, point-of-sale us features, to card also Technology processing clients platform

with to markets, MJ level. believe the solutions pending medical combining priority technology, in the federal through legislative the Retail action at capture revenue well-positioned transactional we activate adult-use solution addition, our In streams to payment cannabis ability and point-of-sale we’re

and for legislation. and in at the growing the state mirror, coupled door cannabis with administration significant majority, combination the support Democratic the opens subsequent within the races the elections With for Senate of our cannabis the movement runoff now Senate level, rearview

The first which the the the on reforms SAFE legislation decriminalization new Act long-awaited federal Act. through include increased is floor, federal industry, of to similar of some support month the eventually, at level, administration hemp including the house passage the and MORE Banking the exciting back may for

for our federal have to and All legalization. date this of positioned work inflection us achievements of U.S. point

through take take our here. results. details the John us have from of financial please it let’s Now, John,

and results business the quarter financial Thanks, overview metrics XXXX. Jessica. key provide I Today, our XX, will an of ended December for

financial statements results information. XXXX, ended XX-KT, today things, due for to, will As materially We and our annual in earnings discovery discussed a subsequent reported final you December Further the differ today Financial Final occurrence details our reminder, the results that will our December Form are results of or XX, review be other to of from among our the filing X including events preliminary. these in detail. results audited on additional SEC. other completion XX-KT disclosures may and in be XX, the financial the in in with for XXXX. Form review disclosures shortly release quarter encourage months procedures will of report the filed the period, and are which reported be ended

again Before the financial the I administrative change. to I’d highlight like results, review

reporting ended to for comparative As Akerna. year-end December Directors will internal XX. The was to standardize December be the on resolutions XX adopted last transition enhanced covered from and June our both filing from and This XX period to transition fiscal XX a our X December a Board period June was external to transformation and of XXXX. operations quarter, change discussed rapid report Form for our XX-KT months of simplify for made benefits. for by XXXX XX, change analysis

the our expanded a the matured while capital publicly-traded and company. execution of growth. X TAM. on giving Akerna. ecosystem our made have us progress And quarter, We statement. completed to experience. profit client In across is fourth efficiencies income internal We additional have and on to remarkable financings, XX%, acquisitions driving The We was provided footprint for margin accelerate completed we X have as initiatives building gross a our focus scale, record developing software rigor continuing that

sales, momentum recording last X in a new lead months, and both we past bookings. Over building EBITDA, had improved we generation $XXX,XXX XX%. have the sales strong to quarter, adjusted of clients ARR result This of as net new

and up seeing with illustrates multi-location average success multi-state is Our are which we larger amount booking XX% operators. year-over-year, the

consulting to Jessica have strong we pipeline. and a software As mentioned, continue

Additionally, XX% year-over-year. Transaction value to heights. retail volume up continues our is order year-over-year, new reach platform XX% Retail and order grow XXX% year-over-year. engagement volume up and is is up

as On with front, restructuring actions the results, we our XX% adjusted EBITDA seen the improving financials, delivering in operations taken December are quarter sequentially. have

have incremental are improvement we XXXX. cost we the calendar progress made While opportunities pleased remain, with in

financial to consulting in total practice. $X.X increased Turning a December for combination sequentially quarter, software demand results, the to by and of organic our the for million, revenue growth driven XX% return a

Software go and million. backlog live. XX% approximately up revenue approximately from Consulting $X.X $X.X We million $XXX,XXX is to revenue ARR June pending X% grew to have sequentially XXX% currently quarter. grew the sequentially of

XX% the in with state is the are increase a for overall consulting efficiencies see rebound XX% in This The driving improvement the is gross projects Cost a September as noting to gross profit worth of prior can revenue representing gross down the following quarter. recognized. increased will of due Gross quarter profit that increase an implemented services, million for a to software margins. $XXX,XXX from revenue it new initiatives and be XX% period-to-period cycle, in way quarter, tied delivered a well $X revenue in election as margin $X.X gross we compares the services we from margin both was sequentially. or and as in an are consulting operational While achieved, of quarter margin. and demand lumpy is XX% these revenue million expect past this our was

as expect adding grows, revenue the higher margin software and We to profile periods consulting expand continue to margin revenue our to in a our rebounds ahead contribution mix. as our

comparing decreased annual approximately expenses increased that nonrecurring charges a million decreased of result We on expenses charges. include expenses sequentially and decreased a considered business with performance. $XXX,XXX Non-GAAP review our operating U.S. acquired and assets operating $XXX,XXX financial is when impairment our or to required combination expenses, shortly. expense, amortization, scalable sequentially, Product our XX% related organization infrastructure. integrating actions impairment adjusted onetime helpful believe the understanding exclude with comp in expense acquired of accordance as total I determined of other restructuring non-cash development Non-GAAP or incremental sequentially materialize. have GAAP, statements nonrecurring focused XX% EBITDA, in our operating non-cash X% $XXX,XXX expenses marketing focus our mainly to a approximately and number integrating achieved operating Sales expenses, Moving and touch a GAAP, on or investors $X.X which impairment assets. efficiencies per we sales sequentially depreciation, as continued and more and built achieved stock and will result targeted efficiencies to

future marketing synergies integration as to in strategy. have our periods significant We refine finalized and sales and we our go-to-market realize expect

to deliver $XXX,XXX as sales acquisition and General with XX% continue over administrative we costs. are expenses new or with efficiency improving customer We business sequentially. decreased our marketing pleased and growth

initiatives previously, are global having economy shared number incremental the financial completed assets. was delays we efficiencies across compared in macro an on this impact led restructuring the of to quarter, quarter favorable million negative million EBITDA level have of a XX%. XXXX, to organization, starting strategic have results. improvement quarter the adjusted are our a for XXXX, related with I to on $X.X operating in As that ended negative shifts In laser-focused the executing acquired $X In September to

impairment a adjusted as for acquired component an we charge concluded reporting as success assessment required. and but annual EBITDA. to long-term strategy their GAAP, under recorded that adjustment our As opportunities million operating part was assets approximately remains of $X.X of The result, unchanged. a income, The our The impairment updated our commitment required our excluded management U.S. are for and is unwavering. forecast, significant

access on many positions is to As million. strategy, over our execute significant hand our competitors. of Cash which of advantage market us our and well on a cash XXXX, December balance was $XX.X approximately to the capital XX,

as to towards efforts as with we our GAAP and press earnings call. measures available on X capital to The execute website, there strategy. on the to in well the discussed release our we leaner, to Form release Relations We scale filed organization, expect and above our our Investor measures our the you the encourage this this statements resources improvement financial are and ended drive financial shortly. performance growth continued past to and reconciliations continue more SEC as financial non-GAAP press referenced contained report reconciled financial audited that was issued That quarter, review of December financial focused our XX, in company’s continued with before XX-KT profitability. the be XXXX, is in we becoming for transition human a In months review

As we operating margins, improvement top EBITDA and evidenced in by sequential model continues improve. as is leverage growth line into to our the meaningful current built both believe there significant gross

on income our performance prepared are focused the This We remarks. to efficiencies and our committed across keenly delivering concludes statement.

to session. have. beginning in questions statement are to Please keep the the that you the of call any happy disclaimer equally may take discussed at applies We this Q&A mind forward-looking

Now, the questions. turn the for call let’s operator Operator? to over

with Brian question Instructions] your [Operator from of you. line Partners. questions. Alliance comes the Our Global Kinstlinger Thank Please first with proceed

morning Good Hi. my taking questions. Thanks for guys.

Good morning, Brian.

margin on you, would You’ve little over see Yes, continue said you So XXXX? Virginia. the have you increases? expect a Obviously, won should we obviously expect – you it be ramp about but lumpy, states Jessica? consulting. to lot a was maybe impact that calendar consulting projects recently, And to significant you’ve helpful. regulated most have Can talked more, of how bit about are and talk you

to I’ll John part take and then speak that first Well, let margin. Sure.

a we’re part them the both new where placed the from on to projects of first start your of to seeing recently-passed combination from projects booking, come recognize on initiatives. question, the the execute of beginning state of and in hold we’re able at back revenue that terms as were that as well pandemic On

Georgia the applications. some So one We we’re accepting clients states. resumed clients to a example of those already help and with is state of the of in signing applications, able number new were

continued do do consulting to want revenue. see note our in expect we I to Now that lumpiness

roughly those to return levels to bookings quarter, recognition, you although quarter expect want into speak a do do not to Sometimes directly margin? historical year. how that impacts translate revenue to John, may we this

Sure.

morning, good cost and we before, we so specialized to up or try not fixed, you? flex How relates Brian. and As as group people, So, of structure our cost are sales it shared have a really our highly largely consulting, that’s is of down. to them

maintain those groups. of we sort continuity the of So

So as revenue you just business, the we as through that, imagine, with can right a bring and line. new profile very on bottom high-margin comes new drops and

Yes, good. Great.

the in a about regulated and regulation when of after? can discussing like November well, you think driving months talk software new that year we Utah, it a source state different we any example? Virginia how terms about So for ways then Is And as in are should should states single in Is provider that and software after? revenue?

That’s a as it’s might great expect. mixed, you question. And

South New starting medical Dakota, see for recreational Jersey no instance, activity Mississippi, moving So legalized slowly. we’re which more to with is and both framework, in prior while and

in our and mixed existing, about with a others. Systems revenue new of share pipeline with those conversations are states. number RFPs states, last we of some thunder we but product. and software revenue Data something There some are both see we And be that to Leaf been new in if could since than result rolling markets be then faster do we expect in will call, The a So I extent. conversations following. have consulting our to that will first several issued no of expect

do that one any at the But don’t of on speed use from that tracking see new you Is states? the are any single discussion states sale requiring software, talking about to all licensees their in source. or to

couple a states discussion in in interested of Utah with are Pennsylvania, are who model. the We very

what a value dollar value, able platform? you of can mean it. your quantify payment once that CBD but the the does sold similarly, available cannabis use been Got were you then through And hemp cannabis? growth, CBD prospective for if use, hemp And and would to provide you that’s the Solutions market processed and for from that then the is would mentioned solution? the that to that who you for technology revenue everyone what give if And – Priority Great. you solutions, dollar what

John? take to want You that one,

that. frame Yes, so, if just sure. Brian, make let’s to so I’ll it take yes, – correctly

So, think, or probably of today location was of platform, MJ terms assumed our of to at processing in I share revenue one minus with in – every terms on about it customers the would service Platform we million, right our our a transaction plus $XX retail if total provider. that size, through our way think is

side, And the on Yes. then question, right, because same this CBD hemp, legal. that is

but So is hemp sold solution, solution like? everyone integrated, it addition, a and would who what ready once can look smaller take CBD that be use that I and it’s if that

significantly It’s it’s large I order an – on are our an magnitude. mean, of as a front. clients today cannabis the part order obviously, of smaller

haven’t I here a but would upside year guess. and several federal clients. frank, that hundred to dollars our thousand is cannabis be transacting is the hemp us legalization Just our real and I we CBD, what with for I it haven’t looked would specifically, – at mean, be

mentioned you Viridian. then And Great. why

XXXX? minute maybe You Jessica are their because discuss a I heard function? this I Can right couple And a clearly I’m it, What revenue sure made the take to did or SAP. of I they generate but to with customers? align missed how you to not did, much in yourself maybe moves software providing

for think XXXX price, we for disclosed, I answer. know I X.Xx actually, what about Brian represents $X million which is the public ARR. what John, disclosed purchase – revenue, you, So, We

revenue, but So total ARR. not their

Got it.

yes. Okay,

they bit little maybe to a speaking of And your what just in do. bigger of terms question there

developing we’ve providers a would And significant period and and believed of partnerships Business is integrations in years SAP several acquisition has built NetSuite. investments today. number One ERP specific have greatest system that as For we the Viridian these that compliance Viridian. competitors large of made such been the our with a result, past into providers, long as potential strategic the of over it SAP be cannabis a including time, recent pieces product

is Viridian’s and product compliance reimplement connecting every for gateway to not in redo to our time it, new compliance synergy Business future every Of client. each One market and rebuild having it that there course, new or

there synergies So some and to continues prove, product that’s where our real of think, I tax is and the lines. overall value strategic product our

So themselves at about ourselves feel build point, it players really good the to versus we partner now the with compete. position large to created trying with to for this we’ve looking us

Great. Thank you.

Thank you.

is Our Instructions] [Operator Brian Alliance Global Partners. from with Kinstlinger question. follow-up your you. Please Thank with proceed next question a

question. to a Well, others give before I one I more chance wanted ask

You clearly been or XX months acquisitive the so, have over last highlighted. as you

growth. – I So to but organic is big know a piece augmenting M&A

small acquisitions – these to valuations days like? what So total the on in couple your the example, to there maybe a tuck-in what your of pipeline looks you might look these what Are like And wish solution, list, revenue? for specifically, dollars look or and you as is number about at platform? talk add million of

Great question.

has namely, the of dramatically in increased market Georgia we’ve each which continue target makes we three probably And near-term. towards federal election have that share. pipeline of pipeline to technology, progress technology and previously, Senate, product shared to following tuck-in potential I strong some Democratic expanding can share the the So categories legalization likely more a our that, TAM in

anything is we So flow and industry. a afford we on can to as be positive cash very pursue where opportunistic focus result, there with opportunities

and if speak we’re deals the and sort are months you look some we’ve Viridian-sized briefly over the question there of how the larger more opportunities. as past are both of The industry at there available two to opportunities Trellis for seeing out second there, and and than to part don’t landscape, announced know those we I Trellis X X, John, there your valuations. of And Viridian, the valuation want

Sure.

answer the think maybe way over bit the is there a board, I to valuations are a and that.

getting are maybe think. I done think deals values, realistic I more values, lower at

sort is as Trellis’ no As revenue certainly Xx that shared, there and you opportunity out of look neighborhood, Viridian at shortage, there. of in Jessica

really of to there think themselves those get when done. deals And for happens, who obviously, I is high hold valuations. that it’s sort out harder

to indicative I So I see of we that some of believe transactions able we’ve do actually dispersed, complete but where completed. deals sort think been is where are it pretty

when we think then least majority take or – SaaS? their the margin software it revenue at so I maintenance? and yours. think license Viridian, And the Great. us of about can we Just to profile license through about gross compared of software should it is Is how the margins

Yes.

etcetera. So business mean, SaaS with recurring services, traditional software again, I revenue, professional

ours. a I have margin to – see think they to uptick expect you think, if profile, are going to will nice I probably similar, not slightly maybe

help think revenue think and standard to think, traditional as recurring But that best to software we improve a them about SaaS and think the about Viridian, it. overall with our licensing supplement. I to profile as just will the So add I margin way services certainly, professional then business is

while Canada on and have, question a in haven’t Last I Ample. we Great. touched – maybe

of that. like and So how outlook materializing market about and things the terms is talk licensees that maybe in just more

ask you that time, Can more Brian? one Sorry.

wondering, So Canada stalled I’m just for out a while.

so that of for I terms Akerna. the just is materializing And in market am wondering opportunity how

Yes.

it’s followed software can in decisions of predict. – towards expect uptick maybe some imagine, by it’s activity activity licensing difficult that Canada, to So the XXXX. optimistic for across typical stringent most in beginning the had reopen, always an than of as you cycles. far, of pace its we would license as COVID in of seeing more we mid-XXXX, period U.S. That XXXX, lockdown thus sort of end from know, we’re did we software on strict been But here a new and spending provinces paused and we’re for also of it is issuances Canada, time. course, And and territories to Health with

Great. Thanks guys.

Okay. Thanks so much.

Thank you.

next Our Please question. line Toner with with ATB of Capital Markets. the your from Martin comes proceed question

congrats good taking my Thanks questions morning. and Good quarter. on a for

Good morning. Thanks, Martin.

Thanks, Martin.

prospects give bit sales you’re you marketing doing can doing what number going about And a what was churn little you’re me see just Can And comment the about looks anything Thanks. you throw the if guys Thanks. what talk you you question just software then too. looking front, guys into like? for you churn a talk – efficiency, like can – there, And then in different? sales and about revenue? organic growth this generally Can about lastly, what year? on I’ll

landscape, what into turn and numbers take John and and over I’ll there. Well, to to it marketing Sure. seeing the and in then the touch churn we’re the sales I’ll on get

So marketing and combined some great our growth their our reporting our in evidenced from platform, approach products. to average our consolidation consolidators by And the existing see level continuing of and efficiencies consolidate. and seeing is the really for at XX% MJ we’re clients size sales standpoint, selling all from the Akerna beginning to as within new industry, really expand we’re well footprint expanding deal over of traction for as as

product those we enterprise where We’re our more seeing churn more report improvement services that – deals we’ve the to the mid targeted industry. did to and sized are front. really and of The on

our quarter-over-quarter. to we XX% growth? do John, number reported want you the comment think sequentially improvement I to churn was

the actually came I of our Yes. growth from would business. organically core more say

pretty As with the Organics in the months we slowdown I we macro more the in than a level, a think have dramatic has been Ample little last Canadian U.S. markets seen know, and here XX at we’ve

think of our core of be. growth we to seeing what opportunistic some attribute certainly is think our sequentially here we’re Canada short with businesses, I legacy would some will term, larger we’re that the it like I so operators, more But where of to growth our system. more was of tied point our although long-term in Jessica’s quarter of And

Thanks Great. guys.

Martin. Thanks,

concludes our you. turn allowed comments. the for to back I’ll questions. for This Ms. time any Billingsly Thank floor final

operator. you, Thank

are We the for and technology ecosystem operators, serving governments cannabis, brands.

forward. and with chain ecosystem supply and businesses Akerna, investments for up the of Our focused tech with in We technology, you cannabis among and thank increased on as move your solving look growing enterprise strategy for transparency our interest spend demand to you and forward locking sharing consumers strategic progress we governments. are the we the

This concludes conference. today’s you. Thank

your You Thank disconnect time. participation. for this at may your lines you