Forian BioTrack Launches New Mexico Traceability Software for Adult Use Cannabis

Rhea-AI Summary

Forian Inc. (Nasdaq: FORA) announced the successful launch of its BioTrack traceability system for adult-use cannabis in New Mexico on April 1, 2022. This system, which has tracked medical cannabis since 2015, facilitates the seamless transition to dual-use sales. In the first weekend, New Mexico achieved record sales of $5.2 million. BioTrack ensures product safety and compliance while supporting over 38 states and 10 countries. The collaboration with New Mexico enhances Forian's reputation in the cannabis sector and underscores its commitment to operational excellence.

Positive

• Successful launch of the BioTrack traceability system for adult-use cannabis in New Mexico.
• Record-setting $5.2 million in sales during the first weekend of adult-use cannabis sales.
• Established partnership with New Mexico since 2015, enhancing credibility in cannabis compliance.

Negative

• None.

Newtown, PA, April 05, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Forian Inc. (Nasdaq: FORA), a provider of technology, analytics and data science driven solutions for the healthcare and cannabis industries, announced that its subsidiary, Bio-Tech Medical Software, Inc. (d/b/a BioTrack), successfully completed the planned April 1, 2022 launch of its New Mexico state traceability system for adult use cannabis sales.  This latest state partnership demonstrates the continued expansion of Forian’s BioTrack™ state traceability system.

BioTrack has been the traceability system for New Mexico medical cannabis sales since 2015, and in 2021 expanded to also be the state’s partner for adult use compliance monitoring. The successful seamless transition of the traceability system from medical to dual-use enabled businesses to begin commercializing adult-use cannabis sales at 12:00 a.m. on April 1, 2022 with no disruption to retailers or consumers.

BioTrack’s software will track both medicinal and adult-use cannabis in New Mexico from when it is first planted as a seed to the point-of-sale to the consumer. BioTrack’s traceability system helps to ensure there is no product diversion and in the case of a recall, simplifies and streamlines those events.

"BioTrack's software worked seamlessly for New Mexico, helping the state to see a record-setting $5.2 million in combined cannabis sales during the state's first weekend of adult-use sales," said Kristen Thomson, Director of the New Mexico Cannabis Control Division. "We look forward to continuing to work with BioTrack to ensure that all consumers and patients have access to the products they need--and to ensure that the Cannabis Control Division can track product for quality assurance and consumer safety.”

“We are happy to be able to continue our relationship with the government of New Mexico and the cannabis community in the state,” said Dr. Moe Afaneh, Vice President of BioTrack at Forian.  “As the state’s chosen track-and-trace vendor we have been working around the clock to ensure a smooth transition of the system from solely medicinal use to dual, medicinal and adult use. We look forward to continuing to ensure that New Mexicans have safe and efficient access to legal cannabis products.”

"With nearly forty locations statewide, reliability is critical to our vertically integrated operations. BioTrack has continued to outperform and exceed our expectations.  The successful integration of the nonmedical sales traceability and tracking system with our existing medical program was flawless. We look forward to continued enhancements. Kudos to Forian and their team," said Duke Rodriguez, CEO and President of Ultra Health.

Forian BioTrack has been New Mexico’s traceability partner since 2015. Forian’s BioTrack™ point-of-sale software is used by customers in 38 states and 10 countries, while 11 state governments, including New Mexico, currently use Forian’s BioTrack™ patient portal, traceability system, or Cannalytics® software.

About Forian

Forian Inc. provides a unique suite of SaaS solutions, data management capabilities and proprietary data and analytics to optimize and measure operational, clinical and financial performance for customers within the traditional and emerging life sciences, healthcare payer and provider segments, as well as cannabis dispensaries, manufacturers, cultivators and regulators. For more information, please visit the Company's website at www.forian.com.

Cautionary Statements Regarding Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target," similar expressions and variations or negatives of these words. Forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond the control of Forian, and are not guarantees of future results, such as statements about the anticipated benefits of the business combination transaction involving Forian, Medical Outcomes Research Analytics, LLC and Helix Technologies, Inc., future financial and operating results, company strategy and intended product offerings and market positioning. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, those risks and uncertainties associated with: the impact of the COVID-19 pandemic on Forian's business, operations, strategy and goals; Forian's ability to execute on its strategy; the timing of the introduction of new product offerings; and the additional risks and uncertainties set forth more fully under the caption "Risk Factors" in Forian's Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 31, 2022, and elsewhere in Forian's filings and reports with the SEC. Forward-looking statements contained in this announcement are made as of the date hereof, and Forian undertakes no duty to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.

Media and Investor Contact:
908-824-3410
forian.com/investors
ir@forian.com
SOURCE Forian Inc.

FAQ

What is the significance of Forian Inc.'s recent press release for FORA?

The press release highlights the successful launch of the BioTrack traceability system for adult-use cannabis in New Mexico, showcasing Forian's role in the expanding cannabis market.

What were the sales figures reported for the first weekend of adult-use cannabis sales in New Mexico?

New Mexico reported record sales of $5.2 million during the first weekend of adult-use cannabis sales.

How does the BioTrack system ensure product safety?

BioTrack's system tracks cannabis from seed to sale, ensuring no product diversion and simplifying recall processes.

What experience does BioTrack have with cannabis traceability in New Mexico?

BioTrack has been the traceability partner for New Mexico's medical cannabis since 2015 and recently expanded to include adult-use compliance.

How many states and countries utilize Forian's BioTrack software?

Forian's BioTrack software is used in 38 states and 10 countries, indicating its extensive reach in the cannabis industry.