Akerna (NASDAQ:KERN) exercised the option of acquiring remaining 20% interest in Solo Sciences Inc., after which the company will own 100% interest in Solo sciences. This comes following last month’s shareholder approval for exercising the option.
Akerna and Solo Sciences helping fight counterfeit products
Jessica Billingsley, the CEO of Akerna, indicated that they share the same vision with Solo Sciences of protecting consumers from risky counterfeit products. She said that to date, there have been more than a million solo*CODEs sold. This is a huge milestone and major step in the company’s commitment to creating a pre-eminent global tech platform that addresses the whole supply chain system and regulatory bodies in a transparent and accountable way.
Solo sciences’ technology exceeds legacy authentication tools since it bridges the gap between the manufacturer and the user. Every solo*CODE has an exceptional fingerprint, a solo*TAG for each package that is supported through a solo*app that confirms whether a product is fake ore real. Consumers can scan the solo*CODER through any smartphone.
This unique tech corresponds with Akerna’s MJ Platform ERP, and is the main driver of consumer safety via anti-counterfeiting tech and alert function. The MJ Platform gathers data from when the seed is planted through the sale and thus offers on-the-spot access to the entire supply chain. The consumer gets all the data in the supply chain path when they scan the solo*CODE.
Solo*CODE helps consumers identify genuine products
Manufacturers that employ the solo*Code novel graphic trust label on their product packaging help customers scan the products with a solo*App and establish whether they are buying genuine products. Equally, the solo*TAG offers alternative tagging tech to RFID for tracking. It is employed through Akerna’s government trace and track software, Leaf Data systems, to service its deal with Utah.
Akerna expected to close the option to acquire solo sciences on or by July 31. However, finalization of the deal is subject to customary closing conditions and final regulatory approval.