TruTrace Technologies™ and Applied DNA Unveil Complete Cannabis Product Validation and Authentication Solution

Rhea-AI Summary

TruTrace Technologies (CSE: TTT) has signed a definitive alliance with Applied DNA Sciences (NASDAQ: APDN) to develop a comprehensive cannabis product validation platform. Combining TruTrace’s StrainSecure™ with Applied DNA’s CertainT® system enables enhanced product authentication and end-to-end traceability through blockchain and molecular tagging. The agreement facilitates mutual referrals and technology integration, enhancing the security of cannabis supply chains. Notably, Shoppers Drug Mart employs TruTrace's platform for its medical cannabis program, underscoring its industry relevance.

Positive

• Strategic alliance with Applied DNA enhances product validation and authentication in the cannabis industry.
• Integration of blockchain technology ensures end-to-end traceability and consumer safety.
• Existing use of TruTrace's platform by Shoppers Drug Mart highlights its credibility and adoption.

Negative

• None.

TruTrace Technologies, Inc. (CSE: TTT) (“TruTrace” or the “Company”), developer of a fully-integrated blockchain platform for the legal cannabis, food and pharmaceutical industries, today announced the signing of a definitive agreement with Applied DNA Sciences, Inc. (NASDAQ: APDN) (“Applied DNA”), a leader in Polymerase Chain Reaction (PCR)-based DNA manufacturing, 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 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.

Follow TruTrace:
LinkedIn: https://www.linkedin.com/company/trutracetech
Twitter: https://twitter.com/trutracetech
Instagram: https://www.instagram.com/trutracetechnologies

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.

Web: www.adnas.com
Twitter: @APDN

Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation which are based upon TruTrace current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as “expect”, “likely”, “may”, “will”, “should”, “intend”, “anticipate”, “potential”, “proposed”, “estimate” and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions “may”, “would” or “will” happen, or by discussions of strategy.

The forward-looking information in this news release is based upon the expectations, estimates, projections, assumptions and views of future events which management believes to be reasonable in the

FAQ

What is the significance of the TruTrace and Applied DNA partnership?

The partnership aims to create a comprehensive product validation and authentication platform for the cannabis industry, enhancing safety and traceability.

How does the TruTrace platform benefit cannabis companies?

TruTrace provides a blockchain-based solution ensuring product quality, strain genetics, and protection against contamination and counterfeiting.

What technology does Applied DNA contribute to the partnership?

Applied DNA contributes its CertainT® platform, which uses molecular tagging for authenticating cannabis products at key supply chain nodes.

What retail chain currently uses TruTrace's technology?

Shoppers Drug Mart employs TruTrace's platform for traceability in its medical cannabis program.

How does this partnership affect TTT and APDN stocks?

The alliance could potentially enhance market position and drive revenue growth, positively impacting stock performance for both TTT and APDN.