Akerna Corp. (Nasdaq: KERN), a leading seed-to-sale regulatory
compliance technology provider and developer of the cannabis
industry’s first enterprise resource planning (ERP) software
technology – MJ Platform®, announced today it has been awarded a
new contract from the Utah Department of Health and Department of
Agriculture to implement its seed-to-sale tracking platform, Leaf
Data Systems® (Leaf Data) for Utah’s new medical cannabis program.
Akerna also announced the launch of the next generation Leaf Data
to combine a closed-loop platform with advanced tagging technology
that evolves the category of government track-and-trace products,
which first launches in Utah.
To create a closed-loop system, MJ Platform technology is the
core of next generation Leaf Data and will be used by all Utah
licensees as their primary cannabis tracking system at retail,
wholesale, cultivation and manufacturing. MJ Platform, the cannabis
industry’s first ERP, tracks cannabis at the gram and item level,
as well as by-products and waste—from seed to product to shelf to
patient/customer—through the complete supply chain. Leaf Data
provides licensees initial exposure to MJ Platform and creates
opportunities for further integration of MJ Platform’s richer
functionality as business needs evolve.
To advance tagging technology, Leaf Data and solo sciences, inc,
have partnered to launch solo*TAG™, the world’s first
cryptographically-secure, cannabis product authentication system,
exclusively for governments and only available with Leaf Data. This
alternative to RFID tags is cheaper, more secure and more flexible
for diverse packaging application.
“We are excited to launch our next generation of Leaf Data
Systems in Utah. Closing the data loop and elevating tagging
technology sets a new standard for government regulation with
greater transparency and accountability, while providing cannabis
licensees an affordable, secure and intuitive supply chain
compliance framework,” stated Akerna Chief Executive Officer
Jessica Billingsley.
“The inventory control and electronic verification systems are
absolutely critical to the success of Utah’s medical cannabis
program. Leaf Data provides the transparency and security to
successfully launch Utah’s first program in cannabis,” commented
Rich Oborn, Director of the Center for Medical Cannabis at the Utah
Department of Health. “We look forward to implementing the advanced
system for the safety of all Utah residents.”
Evolved Leaf Data Systems differentiators include:
- Faster to implement – Leaf Data provides
governments their requested data points and implements a working
system quickly without lengthy and resource-intensive
customization. As the only viable commercial-off-the-shelf (COTS)
solution for cannabis traceability, Leaf Data can easily
accommodate what are today large variances in the data points
governments request for collection.
- More transparency and accountability – The
evolved Leaf Data product closes the loop between governments and
licensees to eliminate alternate data collection sources, which
reduces error, improves security and increases accountability. Data
is also available within 15 minutes for real-time
compliance.
- Less cost to licensees – Current traceability
tagging technology is costly and outdated. Solo science’s patented
technology delivers an advanced solo*TAG as a unique digital
fingerprint that eliminates the need for expensive technologies
like holograms and RFID. The solo*TAG can also cost a fraction of
the cost of current tagging technology, reducing some of the
compliance cost burden for cannabis licensees.
- Branding for export markets – As a government
traceability product, solo*TAG has the unique ability to remain a
secure digital fingerprint, while also authenticating a country’s
product in a highly customizable, branded graphic. Unlike other
authentication technologies, the solo*TAG can be applied to
pre-existing products without the need for packaging redesign.
- Mobile App – solo*TAG is mobile-app enabled,
and Leaf Data is now the first mobile-enabled, seed-to-sale
government traceability platform for cannabis businesses and for
regulatory bodies.
“By partnering with Akerna, Utah will now have a
first-of-its-kind, closed-loop intelligent authentication system to
build consumer trust, and empower governments and brands with a
360° seed-to-self™ ecosystem to fulfill regulatory and compliance
needs,” said Ashesh (Alex) Shah, CEO and founder of solo sciences.
The Utah solution also includes a partnership with MicroPact,
provider of adaptive, COTS solutions to the public sector, to
process patient and caregiver applications, renewals and payments
while ensuring efficient registration and enforcement.
The evolved Leaf Data product gives governments a solution
that’s faster to implement with reduced operating costs and less
cost burden for licensees, while improving traceability and
accountability. Globally, MJ Platform has adapted to 14 countries
and the system operates in four languages and multiple currencies.
Leaf Data currently supports state cannabis program operations that
generate $722-million in taxes. Akerna currently has two bids
pending for Leaf Data with growth opportunity into three additional
states and 10-20 countries in the next two years.
About Akerna Corp. Akerna is a regulatory
compliance technology company in the cannabis space. The
cornerstones of Akerna’s service offerings are MJ Platform® and
Leaf Data Systems®, which are highly-versatile platforms that
provide clients and government entities with a central data
management system for tracking regulated cannabis products—from
seed to product to shelf to customer—through the complete supply
chain. Since establishment in 2010, the company has tracked more
than $15 billion in cannabis sales across 14 countries and has
served clients in 29 states across the U.S. As part of its business
strategy, Akerna intends to grow through targeted, strategic
acquisitions that are complementary to its current business and
organically by accelerating its product development efforts. Akerna
is based in Denver. More information is available online at
www.akerna.com.
About solo sciencesBoston-based solo sciences
provides instantaneous product authenticity reports via solo*, its
proprietary technology offering, comprised of a secure tag, mobile
app and backend system. The solo sciences mission is to build
confidence and establish trust among consumers, while enabling
retailers and distributors to close the loop with their suppliers.
For more information, visit solosciences.com.
Forward-Looking StatementsCertain statements
made in this release are “forward looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. When used in this
press release, the words “estimates,” “projected,” “expects,”
“anticipates,” “forecasts,” “plans,” “intends,” “believes,”
“seeks,” “may,” “will,” “should,” “future,” “propose” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements are
not guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
Akerna’s control, that could cause actual results or outcomes to
differ materially from those discussed in the forward-looking
statements. Important factors, among others, that may affect actual
results or outcomes include Akerna’s ability to recognize the
anticipated benefits of the business combination, which may be
affected by, among other things, competition, the ability of the
combined company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; costs related to the business
combination; changes in applicable laws or regulations; the
possibility that Akerna may be adversely affected by other
economic, business, and/or competitive factors; Akerna’s ability to
identify and integrate acquisitions and achieve expected synergies
and operating efficiencies in connection with acquired businesses;
and other risks and uncertainties indicated from time to time in
the final prospectus of Akerna, including those under “Risk
Factors” therein, and other documents filed or to be filed with the
Securities and Exchange Commission (“SEC”) by Akerna. Actual
results, performance or achievements may differ materially, and
potentially adversely, from any projections and forward-looking
statements and the assumptions on which those vary from
forward-looking statements are based. There can be no assurance
that the data contained herein is reflective of future performance
to any degree. You are cautioned not to place undue reliance on
forward-looking statements as a predictor of future performance as
projected financial information, cost savings, synergies and other
information are based on estimates and assumptions that are
inherently subject to various significant risks, uncertainties and
other factors, many of which are beyond our control. All
information herein speaks only as of the date hereof, in the case
of information about Akerna, or the date of such information, in
the case of information from persons other than Akerna. Akerna
undertakes no duty to update or revise the information contained
herein. Forecasts and estimates regarding Akerna’s industry and end
markets are based on sources we believe to be reliable, however
there can be no assurance these forecasts and estimates will prove
accurate in whole or in part.
Akerna Media ContactJon Goldberg / McKenna
MillerKCSA Strategic Communicationsjgoldberg@kcsa.com /
mmiller@kcsa.com(212) 896-1282 / (347) 487-6197
Investor ContactPhil Carlson / Scott
EcksteinKCSA Strategic Communicationspcarlson@kcsa.com /
seckstein@kcsa.com(212) 896-1233 / (212) 896-1210
solo sciences Media ContactKayla AbbassiVSC on
behalf of solo scienceskayla@vscconsulting.com
Investor ContactVinay
Shahvinay@solosciences.com(917) 885-2363
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