Applied DNA has received the first $1m of a $5m licensing fee as part of its agreement with TheraCann legal cannabis and hemp consultancy.
The companies announced earlier this year, they had entered into an exclusive licensing deal that grants TheraCann’s subsidiary, ETCH BioTrace, the use of Applied DNA’s CertainT supply chain integrity platform technology within the global legal cannabis and hemp markets.
Under the terms of the agreement , a $5m up-front licensing fee is payable to Applied DNA over a four-month period beginning on or before April 15, 2019, and completed by August 15, 2019. Agreement.
“The agreement with TheraCann represents further validation of the commercialization of our CertainT technology platform across industries where compliance, control and tracking are essential ,” said James Hayward, CEO, Applied DNA.
“Powered by our CertainT platform, TheraCann’s ETCH biotrace system can provide the global legal cannabis and hemp industries the ability to ensure authentication and origin verification for products through the supply chain .”
Pursuant to the agreement, Aplied DNA will be the exclusive supplier of molecular tags (provided as SigNature), molecular tag application systems and molecular tag