Shareholders of Applied DNA Sciences, Inc. (NASDAQ:APDN) are bidding shares higher as the company announced that one of their ginning partners, the Woolam Gin in O’Donnell, Texas, was awarded the Global Organic Textile Standard (“GOTS v5.0”) certification, making it the first certified U.S. organic cotton gin utilizing Applied DNA’s molecular tagging system, which provides a single platform to tag, test, and track the organic cotton fibers throughout a certified supply chain.
According to Control Union Certifications, a global certification body, Woolam Gin is 100% compliant with all standards and requirements for the GOTS v5.0 audit.
According to the 2016 Textile Exchange Organic Cotton report, the global market value of organic cotton is $15.76 billion and continues to grow as more brands and retailers expand their organic cotton collections.
Shares of APDN have been on an upswing after hitting a multi-month low in June. With today’s strong move, shares are currently trading at $2.06 in late afternoon trading which marks a 3.52% gain on the day.
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