MIAMI & TORONTO – (COMMERCIAL THREAD) – Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading cultivator and manufacturer of outdoor cannabis products and global brands, is pleased to announce that 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 comprehensive and differentiated global platform for validation and authentication cannabis products for consumers, distributors and government regulators. This initiative further demonstrates Flora’s commitment to operational excellence and transparency enabling enduring validation of the supply chain from genome to sale for domestic and international business partners and government regulators, as the company seeks to set a new global standard for cannabis distribution practices. The integration and development of the technology is well advanced, with management anticipating its use for customers in the recently announced agreements to export cannabis products internationally to South Africa and Australia (see July 26 press releasese and July 29e, respectively).
Flora will use TruTrace’s blockchain-based SaaS software to track product inventory and quality testing, including molecular tagging through Applied DNA’s CertainT platform to track cannabis flower and derivatives from its Cosechemos cultivation and extraction facility. The implementation of these technologies will ensure that products exported out of Colombia and delivered to global customers come directly from Flora’s operations, significantly reducing concerns about counterfeit or illicit products. Flora predicts that the use of this technology will further differentiate its cannabis flower and its low-cost, organically-produced cannabis derivatives from competitors, as they can be assured of the steadfast journey these products have traveled.
“In today’s globalized marketplace, where the supply chain comes from is becoming an increasingly important consideration for every large international CPG company. This is especially true for the cannabis industry, where concerns about the sale and distribution of illicit market products persist for companies, ”commented Jason Warnock, Chief Revenue Officer of Flora Growth. “Flora anticipates that the added assurance, efficiency and transparency provided by these technologies will optimize our value proposition to customers, differentiate us from our peers and increase our sales opportunities. ”
“Agriculture is one of the oldest industries known to man, but the technology needed to support the cannabis industry continues to lag behind many others. This solution will provide Flora and its business partners with the tools to generate reports and quickly search for recordings in real time, ”said Robert Galarza, CEO of TruTrace. “Today’s cannabis industry is desperate for legitimacy as it gains global acceptance, moving from the underground world of the illicit drug trade to a transparent and highly regulated emerging industry. The enduring power of big data is key to this trust, and we congratulate Flora Growth for launching this cutting-edge initiative to lead the charge in setting a new global standard for cannabis distribution.
“We are excited to have the opportunity to strengthen Flora’s global supply chain strategy with our CertainT platform,” said 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, reflecting Flora’s commitment to its global customer base.
About TruTrace and Applied DNA Technologies
TruTrace’s blockchain-based SaaS software is designed to ensure product quality and strain genetic authenticity throughout global supply chains. Protecting consumers and brands from contaminants and counterfeiting is a key advantage of the platform under development. Shoppers Drug Mart, Canada’s largest retail drugstore chain, currently uses the TruTrace platform as the core technology infrastructure for the traceability and accountability associated with its medical cannabis program.
Applied DNA’s CertainT® platform provides physical labeling of cannabis products using a single molecular tag to represent brand and product. This label is then tested at key nodes in a national 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 enduring indicator of authenticity, origin and provenance.
Update on the exercise of mandates
Flora Growth is also pleased to announce that it has now received over US $ 10 million in cash inflows for the exercise of warrants. This is an important milestone for the Company, with more than half of all warrants in the Regulation A + offering during the year.
About TruTrace Technologies Inc.
TruTrace Technologies is the developer of fully integrated, secure software on a blockchain infrastructure that gives customers the ability to store, manage, share and immediately access QA and test details, COAs, as well as intelligence of movement and movement on the inventory. The platform has been specially designed to ensure the traceability of testing standards in the legal space of cannabis, nutraceuticals, food and pharmaceuticals, with an emphasis on the authentication of raw materials or ingredients used. in the 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 preclinical nucleic acid therapeutic drug candidates. Visit adnas.com for more information.
About Flora Growth Corp.
Flora is a cannabis company that relies on natural and profitable growing practices to supply cannabis derivatives to its various cosmetics, hemp textiles, and food and beverage business divisions. As the operator of one of the world’s largest outdoor growing facilities, Flora strives to bring a premium, premium product to market at prices below market prices. By prioritizing natural ingredients and value chain sustainability in its portfolio, Flora creates premium products that help consumers restore themselves and prosper. Visit www.floragrowth.ca or follow @floragrowthcorp on social media for more information.
Caution regarding 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 regarding future events, which we derive from information currently available to us. These forward-looking statements relate to future events or our future performance, including: Flora’s supply chain strategy; the size of the markets for cannabis and cannabis products; our financial performance and projections; our revenue and profit growth; and our business prospects and opportunities. You can identify forward-looking statements by those which are not historical in nature, particularly those which use terms such as “may”, “should”, “expects”, “anticipates”, “considers”, “believes”. “,” Estimate, “plans”, “projected”, “predicted”, “potential” or “hope” or the negative of these terms or the like. In evaluating these forward-looking statements, you should consider a number of factors, including: our ability to change the direction of the Company; our ability to keep pace with new technologies 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 statements. Forward-looking statements are only predictions. The forward-looking events described 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. our subject. We assume no obligation to publicly update or revise any forward-looking statement, whether due to uncertainties and assumptions, or the forward-looking events described in this document and other statements made from time to time by we or our representatives do not perform unless required by applicable law.