Applied BioSciences' Subsidiary, Trace Analytics, Receives Extension of Contract of Services from Washington State Department of Agriculture
Trace Analytics Inc. is a leading scalable analytics cannabis/cannabinoid laboratory poised to meet the demands for mandated regulatory cannabis/cannabinoid testing
WSDA contracted Trace Analytics for the purpose of doing cannabinoid profiling for the State's industrial hemp program to ensure the percentages of certain cannabinoids are below Federal limits
BEVERLY HILLS, CA / ACCESSWIRE / December 18, 2019 / Applied BioSciences Corp. (OTCQB:APPB) ("Applied" or the "Company"), today announced that the Washington State Department of Agriculture (WSDA) has extended its contract for services with Applied's majority owned subsidiary, Trace Analytics Inc. ("Trace").
The WSDA contracted Trace beginning in July 2019 for the testing of Industrial Hemp samples and percentage testing for delta 9-tetrahydrocannabidiol (THC) and delta 9-tetrahydocannabinolic acid (THC-A) to ensure the percentages of certain cannabinoids are below Federal limits.
"We are grateful for our relationship with the WSDA and are pleased to continue cannabinoid profiling for the WSDA's Industrial Hemp program. The testing and reporting of results that we have conducted to date have demonstrated the quality of our analytics and our dedication to ensuring compliance with Federal limits," stated Jason Zitzer, Chief Operating Officer of Trace Analytics. "We provide expert consulting services to government entities at all levels around the world and are appreciative to WSDA to have been selected as the sole lab to conduct their testing. This contract extension provides another opportunity toward establishing a higher quality for cannabis and hemp testing."
Trace Analytics Inc. is a leading cannabis science and technology company with significant footprints in lab testing, research and development and licensing. Trace Analytics was started by a group of scientists who specialized in analytical chemistry, genetics and molecular biology, focused on ensuring compliance with public safety standards and end user safety. Trace Analytics is in the process of expanding throughout the United States, and globally with the goal of helping the rest of the world adopt "best practices" in cannabis and hemp testing. The Company also provides expert consulting services to legislators and regulators in many countries, states and municipalities around the world.
Based on Applied BioSciences' stated strategic corporate shift to focus on its BioPharma division and the development and commercialization of novel therapeutics that target the endocannabinoid system (ECS), the Company is currently evaluating a strategic transaction of Trace Analytics. Applied is currently in late-stage discussions and expects to close the transaction by year end.
About Applied BioSciences Corp.
Applied BioSciences is a vertically integrated company focused on the development and commercialization of novel, science-driven, synthetic cannabinoid therapeutics / biopharmaceuticals that target the endocannabinoid system to treat a wide-range of diseases across multiple therapeutic areas. We also deliver high-quality consumer and OTC THC-free CBD products that promote overall health and wellbeing as well as state-of-the-art testing and analytics capabilities to our customers. For more information, visit appliedbiocorp.com and connect with the Company on Twitter, Facebook and LinkedIn.
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Except for historical information contained herein, statements in this release may be forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Applied Biosciences Corp. (the "Company") or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the Company's filings with the Securities and Exchange Commission. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as (i) the development and protection of our brands and other intellectual property, (ii) the need to raise capital to meet business requirements, (iii) significant fluctuations in marketing expenses, (iv) the ability to achieve and expand significant levels of revenues, or recognize net income, from the sale of our products and services, (v) the Company's ability to conduct the business if there are changes in laws, regulations, or government policies related to cannabis, (vi) management's ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and (vii) other information that may be detailed from time to time in the Company's filings with the United States Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Released December 18, 2019