- Forian ( NASDAQ: FORA ) said it would sell its cannabis software subsidiary, Bio-Tech Medical Software, to Alleaves for $30M in cash.
- The $30M that will be paid to Alleaves, which is a provider of ERP software solutions to the cannabis industry, comprises of $20M paid at closing and $10M paid in twelve required equal monthly installments, subject to any working capital adjustments.
- Forian will retain a license to certain cannabinoid-based data to enhance its healthcare information offerings, the company said .
- Forian will now focus on its healthcare information business.
- As part of the deal, Daniel Barton would step down as Chief Executive Officer and President of Forian, effective February 10. Max Wygod, Forian’s co-founder and Executive Chairman, has been appointed Interim Chief Executive Officer and President.
- ( FORA ) is up 3.4% .
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Forian to sell subsidiary Bio-Tech to Alleaves for $30M