Forian Stock Trading Higher On Selling Its Cannabis Software Subsidiary & CEO Stepping Down
Forian Inc. (NASDAQ: FORA) announced the sale of its cannabis software subsidiary, Bio-Tech Medical Software, Inc. (d/b/a BioTrack), to Alleaves, Inc., effective February 10, 2023, for a total purchase price of $30 million in cash, comprised of $20 million paid at closing and $10 million 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,” stated Max Wygod, executive chairman of Forian.
The acquisition by Alleaves adds point of sale and traceability platforms within the cannabis industry, including BioTrack and Cannalytics, to the Alleaves offering suite.
Simultaneous with the transaction, Daniel Barton stepped down as CEO and president of Forian effective February 10, 2023. Max Wygod, Forian’s co-founder and executive chairman, has been appointed interim CEO and president.
Price Action
Forian shares were trading 8.95% higher at $3.5736 per share at the time of writing Monday morning.
Benzinga's Cannabis Capital Conference Is Back
The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference, returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don’t miss out. Secure your tickets now. Prices will surge very soon.
Photo: Benzinga edit with photos by jarmoluk and lindsayfox on Pixabay
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted-In: Alleaves Bio-Tech Medical Software Daniel Barton Max WygodCannabis News Penny Stocks Markets