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Flora Growth Corp. (NASDAQ:FLGC) announced Thursday it has signed agreements with TruTrace Technologies, Inc. (CSE:TTT) (OTCQB:TTTSF) and Applied DNA Sciences, Inc. (NASDAQ:APDN) to launch a complete and differentiated global cannabis product validation and authentication platform for consumers, distributors and government regulators.
Flora will use TruTrace’s blockchain-based SaaS software to track inventory and product quality testing, including molecular tagging through Applied DNA’s Certain T 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.
“In today’s globalized market, supply chain provenance is becoming an increasingly important component for every major international CPG company,” Jason Warnock, Flora Growth’s CRO stated. “This is particularly true for the cannabis industry, where concerns over the sale and distribution of products from the illicit market persist for businesses. 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.”
More recent news from Flora Growth:
Flora Growth's Flora Labs Receives Good Manufacturing Practices Certification
Flora Growth Invests In Hoshi Aiming To Reach Important European Markets Faster
Price Action
Flora Growth’s shares were trading 2.56% lower at $7.86 per share at the time of writing Wednesday late morning.
Photo: Courtesy of Benjamin Brunner on Unsplash
