NEWTOWN, PA - (NewMediaWire) - December 20, 2022 - Forian Inc. (NASDAQ: FORA), a provider of technology, analytics and data science driven solutions for the healthcare and cannabis industries, today announced that New York has selected BioTrack as the track and trace system for the New York Office of Cannabis Management’s Cannabis Seed to Sale Tracking System.
The BioTrack software, commonly referred to as traceability or seed-to-sale, will track cannabis from when it is first planted as a seed to the point of sale to the consumer. New York’s Office of Cannabis Management plans to use the BioTrack seed to sale traceability system to monitor the movement of cannabis products in the state’s new adult-use cannabis market and continue monitoring in the state’s medical cannabis market, while providing a real-time inventory of cannabis products available and sold in the state and preventing unlawful diversion of products.
In New York, all licensed medical cannabis and adult-use cannabis licensees will be required to integrate their own inventory and/or sale tracking systems with the BioTrack tracking system to log the movement of cannabis as it is grown, manufactured into other products, packaged, tested, and sold to qualifying patients or consumers. BioTrack’s government traceability system could also help recall cannabis plants and products deemed as unsafe/adulterated, and prevent adulterated and regulated materials from reaching the illicit market.
“We are honored to have been selected again as New York's seed to sale system. It’s an exciting time in the New York cannabis industry, and we look forward to our part in helping launch adult use sales,” said Moe Afaneh, Vice President of BioTrack.
BioTrack’s point-of-sale software is used by customers in 38 states and 13 countries, while 12 state governments, including New York, currently use BioTrack's traceability or patient portal system.
Forian Inc. provides a unique suite of SaaS solutions, data management capabilities and proprietary data and analytics to optimize and measure operational, clinical and financial performance for customers within the traditional and emerging life sciences, healthcare payer and provider segments, as well as cannabis dispensaries, manufacturers, cultivators and regulators. For more information, please visit the Company's website at www.forian.com.
Cautionary Statements Regarding Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target," similar expressions and variations or negatives of these words. Forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond the control of Forian, are not guarantees of future results, and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, those risks and uncertainties associated with: the impact of the COVID-19 pandemic on Forian's business, operations, strategy and goals; Forian's ability to execute on its strategy; the timing of the introduction of new product offerings; and the additional risks and uncertainties set forth more fully under the caption "Risk Factors" in Forian's Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 31, 2022, and elsewhere in Forian's filings and reports with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of the date hereof, and Forian undertakes no duty to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.
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