Forian Inc. FORA said it’s selling its cannabis software unit Bio-Tech Medical Software Inc., which does business as BioTrack, for $30 million to buyer Alleaves Inc., a venture capital-backed company that focuses on enterprise resource planning (ERP) software for the cannabis business. Forian will instead focus on its healthcare information business, with Forian CEO Daniel Barton stepping down and being replaced on an interim basis by chairman and co-founder Max Wygod, the company said Monday. For its part, Alleaves in July announced it raised $40 million in Series A funding at a valuation of $240 million with lead investor The Eleven Fund. Alleaves is acquiring complementary cannabis technology platforms to expand its customer base and create the “industry’s most comprehensive and seamless real-time seed-to-sale software, transaction, and compliance platform,” the company said. Shares of Forian are up 36% in 2023, compared to a 13% rise by the Nasdaq COMP.
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