Denver, CO – April 8, 2020 – Denver-based cannabis compliance technology companies, Simplifya, the leading provider of regulatory and operational compliance software for the cannabis industry, and Akerna (Nasdaq: KERN), developer of the cannabis industry’s first seed-to-sale enterprise resource planning (ERP) software technology (MJ Platform®), have entered into a collaboration to deliver integrated compliance and regulatory solutions to the cannabis industry through Leaf Data Systems.
“We are incredibly excited that this partnership with Akerna will allow us to deliver an even more comprehensive compliance solution to the cannabis industry, across all segments,” said Marion Mariathasan, Simplifya CEO. “Simplifya provides easy-to-use tools to help proactively ensure business compliance to protect licenses and company investments.”
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Regulatory and compliance issues are a consistent concern for the cannabis industry. Most dispensaries maintain at least one full-time compliance officer on staff. Arduous documentation, implementation of Standard Operating Procedures (SOPs), rigorous training, and constant reminders, all come with the territory of running a legal cannabis business. Eighty-six percent of compliance failures are a result of a lack of timely information.
“Through our collaboration with Simplifya, those charged with finding an efficient and effective way to monitor compliance in the cannabis industry now have an easy to use, integrated solution,” said Jessica Billingsley, CEO, Akerna. “This will be the first time some operators move away from spreadsheets and start using technology to make compliance and adherence to regulatory guidelines more seamless.”
The multi-prong relationship will center around the integration of Simplifya’s leading regulatory compliance content-driven software with Akerna’s cannabis license application service, and their proprietary government compliance solution, Leaf Data Systems. The partnership will also establish Akerna as a channel partner for Simplifya’s core product, which includes a compliance self-auditing system, SOP templates, and document management and storage, all customized by license type and tied directly to the state and local regulations.
As part of the integrated offering, as Akerna develops license applications on behalf of clients in new and growing cannabis markets, Simplifya’s core auditing solution will be included with the application as a tool to help newly licensed operators manage and maintain regulatory compliance. Akerna will also bundle Simplifya’s auditing product into its government platform Leaf Data Systems, providing governments with a resource to deliver compliance enforcement efficiency.
Simplifya is the nation’s leading regulatory and operational compliance tool for the cannabis industry, empowering small and large businesses to proactively manage compliance tasks across all facilities and license types. Simplifya’s web-based self-auditing system distills complex state and local regulations into a series of simple yes-or-no questions to facilitate self-audits, identify areas of non-compliance, manage remediation efforts, and generate management and audit reports. Simplifya’s SOP feature automates the assigning, tracking, and versioning of standard operating procedures, while it’s Smart Cabinet digital filing system houses all of a business’s required compliance and operational documents in one place. For more information, visit www.simplifya.com.
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 $18 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.
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. Forward-looking statement include statements regarding the potential of the partnership between Akerna and Simplifya and the intended integration of systems and services and other similar 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.