STONY BROOK, N.Y.--(BUSINESS WIRE)--Applied DNA Sciences, Inc., (NASDAQ: APDN), the leader in DNA-based authentication, in conjunction with TheraCann International (TheraCann) will launch the cannabis industry’s first cannabis tagging system (CTS) using Applied DNA’s CertainT® platform of tag, test and track. The device is designed to rapidly molecularly tag cannabis plants in commercial harvests of any scale. Once the molecular tag is applied, the plants and their derivative products can be forensically tracked through every stage of the supply chain all the way to the consumer.
The integrated solution being offered by Applied DNA and TheraCann, called ETCH Biotrace, is uniquely positioned at a very critical time in the maturation of the cannabis industry. Legal cannabis markets for medicinal and recreational use have enjoyed rapid development globally, paced by Uruguay, Canada, the Netherlands and Australia, all of which have legalized the export of medical cannabis. More recently, in North America, Canada is set to legalize recreational cannabis in October 2018, joining 9 U.S. states and Washington D.C., and 29 additional US states that have legalized cannabis for medicinal use.
Gordon Hope, Director of Cannabis Business Development of Applied DNA, said, “Combining our mature tagging expertise with the new seed-to-sale solution by TheraCann enhanced with ETCH Biotrace, provides for the first time, true transparency across the entire cannabis supply chain, from cultivator to processor and dispensary.”
The CTS is designed to tag plants directly during harvest. All the data associated with the tagging process will flow through Applied DNA’s and TheraCann’s integrated platform and will be presented to the appropriate stakeholders through dashboards and detailed reporting. Early testing has shown that Applied DNA’s tag will survive processing and can also be detected in cannabis derivative products such as cannabis oils, Rick Simpson oil, budder, and shatter.
Dr. James Hayward, president and CEO of Applied DNA, said, “As adoption of legal cannabis legislation gains momentum globally, having the capability to track cannabis supply chains from seed-to-sale can assure stakeholders of compliance with regulatory and legal requirements. By tagging the physical plant, we enable cultivators, processors and dispensaries to proactively authenticate their products throughout the supply chain and share that transparency with consumers and state governments.”
The US legal cannabis market reached $7 billion by 2016 and is expected to top $50 billion within the next 10 years. Tax benefits to individual states can be significant (over $200 million in Colorado in 2017), but the industry remains a challenge for regulators. (Prohibition Partners, The European Cannabis Report, First Edition, April 2017).
“The global cannabis market is growing at remarkable speed and the commercial ecosystem is becoming increasingly complex. A robust platform like the one we are introducing is required to provide a true end-to-end solution that addresses an ever-expanding global market,” stated Jason Warnock, CEO of TheraCann International.
About TheraCann International Benchmark Corporation
Founded in 2004, TheraCann International Benchmark Corporation offers a one-stop, full-service solution for the International cannabis marketplace. TheraCann provides business, technology and industry experts who apply advanced technology to help clients design, build and run their cannabis businesses. With nearly 3.5 million square feet of cannabis operations under management and the successful launch of groundbreaking Enterprise Resource Planning (ERP) software, Aeroponic cultivation systems and patented genetic tracking and diversion prevention systems, TheraCann provides cannabis-related businesses with solutions to fit their regulatory requirements. More information about TheraCann is available at www.theracanncorp.com.
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 DNA mass production for diagnostics and therapeutics.
Applied DNA makes life real and safe by providing innovative, molecular-based technology solutions and services that can help protect products, brands, entire supply chains, and intellectual property of companies, governments and consumers from theft, counterfeiting, fraud and diversion. The proprietary DNA-molecular based “CertainT®” platform can be used to identify, tag, test, and track products, to help assure authenticity, origin, traceability, sustainability and quality of products. SigNature® DNA describes the core technology ingredient that is at the heart of a family of uncopyable, security and authentication solutions such as SigNature® T and fiberTyping®, targeted toward textiles and apparel, BackTrac™ and DNAnet®, for anti-theft and loss prevention, and digitalDNA®, providing powerful track-and-trace. All provide a forensic chain of evidence, and can be used to prosecute perpetrators. Applied DNA Sciences is also engaged in the large-scale production of specific DNA sequences using the polymerase chain reaction.
Common stock listed on NASDAQ under the symbol APDN, and warrants are listed under the symbol APDNW.
Forward Looking Statements
The statements made by Applied DNA in this press release may be "forward-looking" in nature within the meaning of the Private Securities Litigation 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 our history of losses, limited financial resources, limited market acceptance, shifting enforcement priorities of US federal 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 28, 2017 and our subsequent quarterly reports on Form 10-Q filed on February 8, 2018 and May 3, 2018, which are available at www.sec.gov. APDN undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events, unless otherwise required by law.