STONY BROOK, N.Y.--(BUSINESS WIRE)--Applied DNA Sciences, Inc. (NASDAQ: APDN) (“Applied DNA”), a leader in Polymerase Chain Reaction (PCR)-based DNA manufacturing for product authenticity, traceability solutions and nucleic acid-based biotherapeutic development, announced today it will conduct a funded pre-commercial pilot to tag cannabidiol (CBD) oil for Old Port Oil, Company (“Old Port Oil”) using its CertainT® platform to tag, test and track the CBD oil product. Newly formed Old Port Oil, a cannabis processor company, will soon launch its first CBD product and turned to Applied DNA’s CertainT platform to ensure its brand and IP protection and prove the origin of its CBD product proudly produced in Maine. Upon successful completion of the pilot project, Old Port Oil expects to ramp up commercial production in January and anticipates it will tag 100% of its inaugural product over the course of 2020.
Scott Keeler, Founder Old Port Oil, stated, “We are very impressed with the CertainT platform which allows us to provide our customers with uncontestable proof of product origin and, at the same time, protects our brand from counterfeits and misuse in the market place.”
John Shearman, Vice President of Marketing and Cannabis Business Lead at Applied DNA, said, “We are very excited to have the opportunity to work with Scott and the team at Old Port Oil to implement our CertainT platform as a strategic component to their business plan and go-to-market strategy. As the cannabis industry continues to mature and go through growing pains just like any other emerging industry, it will require an ecosystem of technologies, processes and procedures and compliance frameworks to remove the uncertainty over time. Companies like Old Port Oil, who recognize this need out-of-the-gate and implement innovative solutions, will lead the market and create successful companies.”
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.
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.
Common stock listed on NASDAQ under the symbol APDN, and warrants are listed under the symbol APDNW.
About Old Port Oil
Old Port Oil Co is a wholesale CBD oil manufacturer and processor based in Maine. We locally source our products from tested and certified ingredients and use state-of-the-art equipment and techniques to produce oils, blends, and isolates of the highest quality. We are proud to be the first company in the country to utilize CertainT technology to produce the industry's first molecular tagged and traceable CBD products that allows us to track product from seed to store.
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 substantial doubt relating to Applied DNA’s ability to continue as a going concern, the possibility of failure to make timely payment on its outstanding secured convertible notes and resulting enforcement by noteholders of remedies on collateral which includes substantially all of Applied DNA’s assets, its history of net losses, limited financial resources, limited market acceptance, its ability to penetrate key markets, including its ability to successfully enter into commercial contracts for the implementation of its CertainT® platform, 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 18, 2018, as amended, our subsequent quarterly reports on Form 10-Q filed on February 7, 2019, May 9, 2019 and August 13, 2019, 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.