Applied DNA Sciences Inc (NASDAQ: APDN) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced the launch of an additional system that’s designed to target larger customers. Of course, the news excited investors, sending the stock screaming for the top. Today, we’ll talk about:
- The system launch;
- what we’re seeing from APDN; and
- what we’ll be watching for ahead.
APDN Heads Up On System Launch
As mentioned above, Applied DNA is having an incredibly strong start to the trading session this morning after the company announced the launch of a new system. In a press release issued early this morning, the company said that it has lanched an additional system to tag the industry’s larger volume cannabis or hemp growers. APDN said that the system is part of TheraCann International’s ETCH Biotrace™ solution.
The company pointed to a successful showing of the first Cannabis Tagging System (CTS) that took place at the NCIA Show in July. As a result of this successful showing, the company is expanding its cannabis tagging offerings to accommodate different sizes and types of growers in the industry. In a statement, Gordon Hope, Director of Cannabis Business Development at APDNA, had the following to offer:
The tremendous interest that came following the show has really accelerated our expansion of tagging solutions to meet the varied cannabis market conditions, including size of grower, indoor, outdoor or hybrid grow, or even the size of plant(s) that justifies the expansion of our tagging equipment solutions.
The above statement was followed up by Jason Warnock, CEO at TheraCann International. Here’s what he had to offer:
The expanded portfolio supports and enhances the ETCH Biotrace brand and strategy to offer a comprehensive end-to-end solution to tag, test and track from source to retail shelf.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that it’s important to keep a close eye on the news. After all, the news leads to moves in the market. When it comes to Applied DNA Sciences, the news proved to be overwhelmingly positive. With the launch of the new system, the company has the ability to target larger clients and produce more revenue. So, it comes as no surprise that excited investors are sending the stock on a run for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:09), APDN is trading at $1.79 per share after a gain of $0.33 per share or 22.60% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on APDN. In particular, we’re interested in following the story surrounding their cannabis tagging system and the revenue that it generates. Nonetheless, we’ll continue to keep an eye on the news and bring it to you as it breaks!
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