Forian announces sale of BioTrack to Alleaves for $30M in cash

Forian announced the sale of Forian’s cannabis software subsidiary, Bio-Tech Medical Software, to Alleaves, a provider of ERP software solutions to the cannabis industry, effective February 10, 2023, for a total purchase price of $30M in cash, comprised 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. As a result of the transaction, Forian will focus on its healthcare information business and will no longer provide software solutions to the cannabis industry. "This transaction allows us to focus our efforts on our healthcare information business, which has been the key driver of our growth to date and will further accelerate our path to positive Adjusted EBITDA," said Max Wygod, Executive Chairman of Forian.