- Flora will use TruTrace’s blockchain-enabled platform for
seed-to-sale tracking of its cannabis products – including
integration of Applied DNA’s molecular tagging technology – to
offer Flora’s customers a complete product validation and
authentication solution
- Flora’s new platform for consumers, distributors, and
government regulators will demonstrate its commitment to
operational excellence and transparency enabling end-to-end supply
chain validation, setting a new global standard for cannabis
distribution
- Flora will now have the ability to quickly and efficiently
reference and manage information at its cultivation and extraction
facility, collect and analyze data, derive insights to find cost
efficiencies, and ensure accuracy
Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a
leading all-outdoor cultivator and manufacturer of global cannabis
products and brands, is pleased to announce it has signed
agreements with TruTrace Technologies, Inc. (CSE: TTT; OTCQB:
TTTSF) (“TruTrace”) and Applied DNA Sciences, Inc. (NASDAQ: APDN)
(“Applied DNA”) to launch a complete and differentiated global
cannabis product validation and authentication platform for
consumers, distributors, and government regulators. This initiative
further demonstrates Flora’s commitment to operational excellence
and transparency enabling immutable genome-to-sale supply chain
validation for domestic and international trading partners and
government regulators, as the Company seeks to establish a new
global standard for cannabis distribution practices. The technology
integration and build-out is well underway, with management
anticipating its use for customers in the recently announced
agreements to export cannabis products internationally to South
Africa and Australia (see press releases dated July 26th and July
29th, respectively).
Flora will use TruTrace’s blockchain-based SaaS software to
track inventory and product quality testing, including molecular
tagging through Applied DNA’s CertainT platform to track the
cannabis flower and derivatives originating from its Cosechemos
cultivation and extraction facility. The implementation of these
technologies will ensure the products exported out of Colombia and
delivered to global customers are derived directly from Flora’s
operations, substantially reducing any concerns over counterfeit or
illicit market products. Flora anticipates using this technology
will further differentiate its low-cost, organically produced
cannabis flower and derivatives from competitors as they can rest
assured regarding the immutable journey these products
traversed.
“In today’s globalized market, supply chain provenance is
becoming an increasingly important component for every major
international CPG company. This is particularly true for the
cannabis industry, where concerns over the sale and distribution of
products from the illicit market persist for businesses,” commented
Jason Warnock, Flora Growth’s Chief Revenue Officer. “Flora
anticipates that the added assurance, efficiency, and transparency
brought by these technologies will optimize our value proposition
to customers, differentiate us from peers, and increase our sales
opportunities.”
“Agriculture is one of the oldest industries known to man, yet
the technology necessary to support the cannabis industry continues
to lag behind many others. This solution will empower Flora and its
trading partners with tools needed to report and rapidly search
through records in real-time,” said Robert Galarza, CEO of
TruTrace. “Today’s cannabis industry is desperately seeking
legitimacy as it gains global acceptance, moving from the
underworld of the illicit drug trade into a transparent and highly
regulated emerging industry. The immutable power of big data is the
key to that trust, and we applaud Flora Growth for launching this
cutting-edge initiative to lead the charge in setting a new global
standard for cannabis distribution.”
“We are pleased for the opportunity to empower Flora’s global
supply chain strategy with our CertainT platform,” stated Dr. James
Hayward, President and CEO of Applied DNA. “Through our integration
with TruTrace, we are injecting an unprecedented level of
transparency, traceability, and trust into cannabis supply chains
reflective of Flora’s commitment to its global customer base.”
About TruTrace & Applied DNA Technologies
TruTrace’s blockchain-based SaaS software is designed to
guarantee product quality and strain genetic authenticity
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 the TruTrace 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 authentication and
chain-of-custody data is captured in the CertainT portal and
integrated into the TruTrace platform. The molecular tag can be
applied to cannabis products such as plants, oils, lotions,
tablets, edibles, and their packaging to serve as an immutable
indicator of authenticity, origin, and provenance.
Warrant Exercise Update
Flora Growth is also pleased to announce it has now received
over US$10 M in cash receipts for warrant exercises. This
represents a major milestone for the Company, with over half of all
warrants from the Regulation A+ offering now in process of being
exercised.
About TruTrace Technologies Inc.
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.
About Applied DNA Sciences Inc.
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. Visit adnas.com for more
information.
About Flora Growth Corp.
Flora is a cannabis company that leverages natural,
cost-effective cultivation practices to supply cannabis derivatives
to its diverse business divisions of cosmetics, hemp textiles, and
food and beverage. As the operator of one of the largest outdoor
cultivation facilities, Flora strives to market a higher-quality
premium product at below market prices. By prioritizing natural
ingredients and value-chain sustainability across its portfolio,
Flora creates premium products that help consumers restore and
thrive. Visit www.floragrowth.ca or follow @floragrowthcorp on
social for more information.
Cautionary Statement Concerning Forward-Looking
Statements
This document contains forward-looking statements. In addition,
from time to time, we or our representatives may make
forward-looking statements orally or in writing. We base these
forward-looking statements on our expectations and projections
about future events, which we derive from the information currently
available to us. Such forward-looking statements relate to future
events or our future performance, including: Flora’s supply chain
strategy; the size of markets for cannabis and cannabis products;
our financial performance and projections; our growth in revenue
and earnings; and our business prospects and opportunities. You can
identify forward-looking statements by those that are not
historical in nature, particularly those that use terminology such
as “may,” “should,” “expects,” “anticipates,” “contemplates,”
“estimates,” “believes,” “plans,” “projected,” “predicts,”
“potential,” or “hopes” or the negative of these or similar terms.
In evaluating these forward-looking statements, you should consider
various factors, including: our ability to change the direction of
the Company; our ability to keep pace with new technology and
changing market needs; and the competitive environment of our
business. These and other factors may cause our actual results to
differ materially from any forward-looking statement.
Forward-looking statements are only predictions. The
forward-looking events discussed in this document and other
statements made from time to time by us or our representatives may
not occur, and actual events and results may differ materially and
are subject to risks, uncertainties and assumptions about us. We
undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of uncertainties and
assumptions, or the forward-looking events discussed in this
document and other statements made from time to time by us or our
representatives not occurring, except as may be required by
applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210908005687/en/
Investor Relations Contact: Evan Veryard
evan.veryard@floragrowth.ca
Public Relations Contact: Cassandra Dowell +1 (858)
264-6600 flora@cmwmedia.com
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