Akerna Completes Acquisition of Majority Interest in Anti-Counterfeiting Technology Leader solo sciences
January 21 2020 - 8:00AM
Akerna (Nasdaq: KERN), a leading cannabis compliance technology
provider and developer of the cannabis industry’s first
seed-to-sale enterprise resource planning (ERP) software technology
(MJ Platform®), has completed its acquisition of a majority
interest in privately-held solo sciences inc., a recognized leader
of patented anti-counterfeiting and consumer engagement
technologies.
See how it works:
https://hubs.ly/H0lW74R0
solo*TAG is an alternate tagging technology to
expensive RFID technology required by states in which Metrc is used
for the state tracking system. solo*TAG is less expensive and
more secure than RFID technology, leveraging solo science’s
patented cryptographically secure technology. Leaf Data
Systems, Akerna’s government track and trace software, won the
first state cannabis tracking system Request for Proposal (RFP) to
which Akerna responded with solo*TAG included.
solo sciences tech platform is also complementary
to Akerna’s MJ Platform ERP system and is driving consumer safety
through its anti-counterfeiting technology and alert functionality.
Manufacturers that use a solo*CODE™ proprietary graphic trust mark
on their product packaging enable consumers to scan products with
the solo* phone app and learn if a product is real or fake and get
real-time notifications.
“This investment is the tangible result of our long
term growth initiative and another important step towards Akerna’s
continuing commitment to creating the pre-eminent global technology
platform addressing the entire supply chain and its regulatory
bodies through accountability and transparency,” said Jessica
Billingsley, chief executive officer, Akerna. “From our
perspective, this technology is important to consumer safety and
transparency. Using solo*CODE and the solo* app, consumers can
confirm product authenticity, get in-depth information about what
they’re buying, and view related products.”
solo sciences technology surpasses legacy
authentication tools by closing the loop between the user and the
manufacturer. Holograms and RFID tags have the potential to give a
false sense of security, but each solo*TAG and solo*CODE has a
unique fingerprint for every package, augmented by the solo* app,
which confirms if a product is real or fake. Beyond authentication,
for solo*CODE, the app offers users a plethora of benefits,
including learning about the product and earning rewards.
“We are excited about the combined potential for
growth and value creation,” said John Fowle, chief financial
officer, Akerna. “Demand for solo products remains strong with
growing interest from a variety of brands and regulatory agencies.
With the assets we have as a result of this strategic combination,
we are well-positioned to deliver strong performance and return on
shareholder value.”
Key Facts:
- The Utah Department of Health and Department of Agriculture
awarded Akerna, through its collaboration with solo*sciences, a
contract to implement its seed-to-sale tracking platform, Leaf Data
Systems® (Leaf Data), for its medical cannabis program. Utah is the
first state to use Leaf Data Systems with the solo*TAG as part of
its traceability platform for cannabis businesses and regulatory
bodies.
- In December, solo sciences and 14th Round agreed to protect
consumers from counterfeit products. The solo sciences trust mark
authentication will be a default feature for 14th Round’s
high-profile cannabis vaporizer brands. 14th Round creates and
supplies custom hardware and packaging for an estimated 40 plus
percent of California’s vaporizer market.
Akerna’s Leaf Data Systems and
solo*TAG™ – an innovative, next-generation solution for
state and national governments to securely track product and waste
throughout the supply chain. Leaf Data Systems track and trace
software provides:
- Real-time data to cannabis cultivators,
infused product producers, dispensaries and collectives; tightly
integrated with solo*TAG.
- More transparency and accountability with Leaf
Data’s closed-loop between governments and licensees eliminates
alternate data collection sources, which reduces error, improves
security, and increases accountability. The advanced solo*TAG
technology is also assigned to each plant, batch, inventory item,
and provides a chain-of-custody from seed-to-self for detailed
transparency.
- Less cost to licensees through solo science’s
patented solo*TAG, a unique digital fingerprint that eliminates the
need for expensive technologies like holograms and RFID. The
solo*TAG also costs a fraction of the cost of current tagging
technology, reducing some of the compliance cost burdens for
cannabis licensees.
- Mobile capabilities with solo*TAG being
mobile-app enabled, Leaf Data is now the first mobile-enabled,
seed-to-sale government traceability platform for cannabis
businesses and regulatory bodies.
How Akerna and solo* tech are
complementary: Akerna’s MJ Platform and
solo*CODE innovative integrated technology for consumers
and brands brings a consumer-facing mark designed to highlight the
authenticity and signify transparency. MJ Platform
– Akerna’s seed-to-sale system provides:
- Transparency and accountability throughout the product life
cycle, capturing every interaction with the plant and product from
cultivation to sales. Now visibility extends to customers with the
integration of solo*CODE.
- solo*CODE (a unique graphic ID or “fingerprint” for
each package) – can be integrated into
ready-for-sale products, scanned via a mobile app free to the
public and available so consumers can validate product authenticity
and provide accurate information about the product’s life cycle
while enabling the consumers to earn rewards across retailers, and
give feedback directly to the brand.
- solo* mobile-first, patented tech platform
– leverages the power of today’s mobile devices by
allowing the solo* app to scan the proprietary solo*CODE graphic
mark to create a cryptographically secure closed-loop
authentication system.
About Akerna:
Akerna is a global regulatory compliance technology
company in the cannabis space. Akerna’s service offerings include
MJ Platform®, Leaf Data Systems®, and solo sciences tech platform.
Since its establishment in 2010, the company has tracked more than
$17 billion in cannabis sales. 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.
Forward-Looking Statements
Certain statements made in this release and in any
accompanying statements by management 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 significant 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 (including, without limitation, the results of
Akerna’s contracts, strategic initiatives, and business plans as
described herein) to differ materially from those discussed in the
forward-looking statements. Important factors, among others that
may affect actual results or outcomes, include (i) Akerna’s ability
to recognize the anticipated benefits of being a public company,
(ii) competition, (iii) Akerna’s ability to grow and manage growth
profitably, (iv) Akerna’s ability to maintain relationships with
customers and suppliers and retain its management and key
employees, (v) costs related to being a public company, (vi)
changes in applicable laws or regulations, (vii) Akerna’s ability
to identify and integrate acquisitions and achieve expected
synergies and operating efficiencies in connection with acquired
businesses, (viii) and other risks and uncertainties disclosed from
time to time in Akerna’s filings with the U.S. Securities and
Exchange Commission, including those under “Risk Factors”
therein. 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 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 Akerna’s 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 believed to
be reliable; however, there can be no assurance these forecasts and
estimates will prove accurate in whole or in part.
Media Contact:D. Nikki
Wheeler303-514-2012Nikki.Wheeler@Akerna.Com
Investor Contact:Jason
Assad678-570-6791Jassad@Akerna.Com
Akerna (NASDAQ:KERN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Akerna (NASDAQ:KERN)
Historical Stock Chart
From Apr 2023 to Apr 2024