Cannabis Watch: How a marijuana-software company became the first of its kind to list its stock on Nasdaq

To accomplish the feat of becoming the first cannabis-software stock to list on the Nasdaq, MJ Freeway Chief Executive Jessica Billingsley employed a strategy well known to Wall Street veterans.

Rather than attempt to go through the expensive and time-consuming process of an initial public offering — the route chosen by vape supplier Greenlane Holdings Inc.GNLN, -1.78% and Canadian weed producer Tilray Inc.TLRY, +1.58% — Billingsley opted to merge MJ Feeway with a special purpose acquisition company by the name of MTech Acquisition.

The resulting entity, called Akerna Corp. KERN, +28.02% began trading Tuesday, and closed up 28% at $15.35.

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