Applied DNA and TruTrace Technologies™ Unveil Complete Cannabis Product Validation and Authentication Solution
Applied DNA Sciences (NASDAQ: APDN) and TruTrace Technologies (CSE: TTT) have formed a strategic alliance to implement a blockchain-based solution for the cannabis industry. The agreement integrates Applied DNA’s CertainT platform with TruTrace’s StrainSecure™ platform, enhancing product validation and authentication. This collaboration aims to ensure end-to-end traceability and transparency, offering significant advantages to consumers and brands against counterfeiting. The partnership also establishes a mutual referral system to capitalize on joint opportunities.
- Strategic alliance with TruTrace enhances product validation and authentication in the cannabis industry.
- Integration of CertainT and StrainSecure™ platforms provides end-to-end product traceability.
- Collaboration aims to protect brands from counterfeiting and ensure consumer safety.
- The company has a history of net losses and limited financial resources.
- Potential challenges include shifting US federal law enforcement priorities regarding cannabis.
Applied DNA Sciences, Inc. (NASDAQ: APDN) (the “Company”), a leader in Polymerase Chain Reaction (PCR)-based DNA manufacturing, today announced the signing of a definitive agreement with TruTrace Technologies, Inc. (CSE: TTT) (“TruTrace”), developer of a fully-integrated blockchain platform for the legal cannabis, food and pharmaceutical industries, to approach the cannabis industry with an integrated solution comprised of Applied DNA’s CertainT® platform and TruTrace’s StrainSecure™ platform to deliver a complete cannabis product validation and authentication platform differentiated in the marketplace by linking together the power of proprietary SaaS platforms, blockchain and molecular tagging technology to create a secure ecosystem which provides end-to-end traceability and full transparency.
The companies have entered into a Strategic Alliance, Referral and Technology Integration Agreement (the “Agreement”) that allows each company to introduce the other into existing accounts, prospects, as well as cultivate new joint opportunities. The Agreement also calls out the integration of the companies’ respective platforms through APIs to exchange data elements as part of the complete chain of custody solution from source materials to product on the shelf. There is a mutual payment structure in place as engagements are brought online.
TruTrace’s blockchain-based SaaS software is designed to guarantee product quality and strain genetics throughout global supply chains. Protecting consumers and brands from contaminants and counterfeiting is a key benefit of the platform under development. Shoppers Drug Mart, Canada’s largest retail pharmacy chain, currently uses TruTrace’s platform as its underpinning technology infrastructure for traceability and accountability associated with its medical cannabis program.
Applied DNA’s CertainT platform provides the physical tagging of cannabis products using a unique molecular tag to represent the brand and product. That tag is then tested at key nodes within a domestic or international supply chain. All of this authentication and chain-of-custody data is captured in the CertainT portal, which under the Agreement will be integrated with the TruTrace platform. The molecular tag can be applied to cannabis plants, oils, lotions, tablets, edibles and packaging to serve as an immutable indicator of authenticity, origin, and provenance.
“We believe there are clear benefits for collaboration by our two companies to deliver a complete, end-to-end solution to cannabis companies. We believe our combined solution will protect our clients’ brands and IP while also assuring the consumers use authentic and safe products,” said Dr. James A. Hayward, president and CEO, Applied DNA.
Robert Galarza, CEO, TruTrace, said, “Partnering with Applied DNA is a natural progressing of our go-to-market strategy to align ourselves with best of breed technology solutions to bring additional value to our customers and the industry as a whole. CertainT is the perfect technology complement to our platform -- providing that extra level of true transparency and traceability the industry needs as we enter the next phase of legalized cannabis across the globe.”
About Applied DNA Sciences
Applied DNA is a provider of molecular technologies that enable supply chain security, anti-counterfeiting and anti-theft technology, product genotyping, and pre-clinical nucleic acid-based therapeutic drug candidates.
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The Company’s common stock is listed on NASDAQ under ticker symbol ‘APDN’, and its publicly traded warrants are listed on OTC under ticker symbol ‘APPDW’.
Applied DNA is a member of the Russell Microcap® Index.
Forward-Looking Statements
The statements made by Applied DNA in this press release may be “forward-looking” in nature within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe Applied DNA’s future plans, projections, strategies, and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Applied DNA. Actual results could differ materially from those projected due to its history of net losses, limited financial resources, limited market acceptance, including Applied DNA’s ability to successfully enter into commercial contracts for the implementation of its CertainT® platform, shifting enforcement priorities of US federal laws and other international laws relating to cannabis, and various other factors detailed from time to time in Applied DNA’s SEC reports and filings, including our Annual Report on Form 10-K filed on December 17, 2020, and other reports we file with the SEC, which are available at www.sec.gov. Applied DNA undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date hereof or to reflect the occurrence of unanticipated events, unless otherwise required by law.
About TruTrace Technologies
TruTrace Technologies is the developer of fully-integrated software, secured on a blockchain infrastructure, that gives clients’ the ability to store, manage, share and immediately access quality assurance and testing details, COAs, as well as motion and movement intelligence on inventory. The platform was specifically designed to power the traceability of testing standards within the legal cannabis, nutraceutical, food and pharmaceutical space with a focus on the authentication of source materials or ingredients used in formulation. For more information, please visit www.trutrace.co.
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