Israel Parliament Approval is Expected to Catalyze Export of Medical Cannabis; ETCH Biotrace Solution Positioned as Safe and Secure Means to Manage the Legal Supply Chain for Export
STONY BROOK, N.Y., February 6, 2019 – Applied DNA Sciences Inc. (NASDAQ: APDN) (“Applied DNA” or the “Company”), a leader in large-scale PCR-based DNA manufacturing, announced today that two prior announcements by Israel Cannabis raise the opportunity for uptake of Applied DNA’s CertainT® Cannabis Tagging platform within the Israeli cannabis industry. Central to the opportunity are agreements previously signed between Applied DNA and TheraCann International Benchmark Corporation (“TheraCann”), and between TheraCann and Israel Cannabis (“iCAN”).
On November 1, 2018, iCAN announced the signing of a bilateral service agreement and strategic alliance with TheraCann. The agreement will allow iCAN to offer TheraCann’s (and hence, Applied DNA’s) technology to emerging markets in Europe, Africa and Asia, while allowing TheraCann clients access to iCAN’s technology pipeline and expertise.
“I’m excited to put TheraCann’s ETCH (Electronic Traceability for Cannabis and Hemp) biotrace technology in front of the Israeli government,” said Saul Kaye, Founder and CEO of iCAN. “The ability to use DNA to tag and trace cannabis at any point in the supply chain is the gold standard of diversion-control and IP-control.”
On December 26, 2018, iCAN announced the approval by the Israel Parliament, or the Knesset, of the exportation of medical cannabis.
Saul Kaye then included the following in his statement: “Israel’s expertise in the field extends from cultivation and processing to research and development. By law, Israeli companies will be subject to strict supervision and maintain high medical grade standards. Israel is perfectly positioned to enter and disrupt the medical cannabis market that is expected to soar to $33 billion dollars worldwide in the next 5 years. In Israel alone, we quickly expect over $1 billion in sales to countries interested in our products.”
The law provides a budget that allows the Interior Ministry and specifically the Israeli Police, to monitor, track and control the production and delivery of cannabis for export, and ensure there is no risk of leakage to the local illegal drug market. iCAN, through its partner TheraCann, has secured the technology that can power the police and Ministry of Health in Israel and provide complete transparency and tracking of every gram of cannabis both for export and the local market.
Dr. James Hayward, president and CEO of Applied DNA, stated today that: “In combination, these two announcements by iCAN identify one of the first opportunities for Applied DNA’s CertainT platform to be utilized in the international cannabis marketplace. We look forward to working with TheraCann to address new markets.”
iCAN is building the global cannabis ecosystem. iCAN identifies and accelerates innovative medical cannabis technologies and creates synergies and cooperation across the industry. iCAN uses its global network and reach to position Israel as the leading medical cannabis tech hub.
Founded in 2004, TheraCann International Benchmark Corporation offers a one-stop, full-service solution for the International cannabis marketplace. TheraCann provides business, technology and industry experts who apply advanced technology and help clients design, build and run their cannabis businesses. Integrating nearly 3.5 million square feet of cannabis operations and the successful launch of groundbreaking Enterprise Resource Planning (ERP) software, Aeroponic cultivation systems and patented genetic tracking and diversion prevention systems, TheraCann provides cannabis-related businesses with solutions to fit their regulatory requirements.
Applied DNA is a provider of molecular technologies that enable supply chain security, anti-counterfeiting and anti-theft technology, product genotyping and DNA mass production for diagnostics, personalized medicine and therapeutics.
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.
The statements made by Applied DNA in this press release may be “forward-looking” in nature within the meaning of the Private Securities Litigation 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 its history of net losses, limited financial resources, limited market acceptance 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 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 to reflect the occurrence of unanticipated events, unless otherwise required by law.