Wednesday, September 08, 2021 11:00:48 AM
Flora Growth Launches Cutting-Edge Global Cannabis Distribution Strategy, Implements Pharmaceutical Standards For Its Supply Chain
Mentioned: APDN FLGC TTTSF
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."
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