Benzinga | Sep 1, 2021 03:27PM EDT

Parsl Partners With Avery Dennison Smartrac For High Tech Tags

* Parsl, a seed-to-sale compliance-and-tracking company, announced a strategic partnership with Avery Dennison Corp's (NYSE:AVY) Avery Dennison Smartrac, an RFID and NFC tag manufacturer. The financial terms of the deal were not disclosed.

* The partnership will encompass helping the cannabis industry communicate effectively and securely through technological collaboration.

* This partnership will benefit from leveraging the technological intellectual property of Parsl and the manufacturing capabilities of NXP and Avery Dennison Smartrac.

* Combining this IP will enable Parsl to provide better, verifiable insights to global cannabis consumers and grow market share in the cannabis industry.

* Price Action: AVY shares are trading higher by 0.37% at $226.23 on the last check Wednesday.