Security Matters scores exclusive agreement with CliniCann to create a global quality standard for the medicinal cannabis industry
Special Report: Security Matters will soon be inserting its technology into packaging for trusted Australian medicinal cannabis companies thanks to a deal with CliniCann
Brand protection and anti-counterfeiting technology company Security Matters (ASX:SMX) has signed a deal with CliniCann to provide its proprietary tech for medicinal cannabis packaging.
The major move into a market that Energias Market Research tips will hit $39 billion by 2024 means Security Matters will have exclusive rights to incorporate its track-and-trace technology into primary and secondary packaging of all products manufactured by CliniCann customers across the globe, excepting the USA.
The technology and how it works
Security Matters’ technology allows any solid, liquid or gas to be invisibly and irrevocably ‘marked’ using a chemical-based barcode.
It can then be read using a proprietary reader and stored via a blockchain record, ensuring its security.
This allows parties to keep an eye on moving parts over supply chains.
While this announcement focuses on using the proprietary tech to mark cannabis product packaging, Security Matters sees opportunities to bring greater transparency to supply chains with its ability to the product itself, including organic source materials, including seeds and plants.
Packaging for well-known Aussie medcann companies
CliniCann was established in 2017 by the founders of AusCann (ASX:AC8) and Zelda Therapeutics (ASX:ZLD).
Since then, the company has secured a number of agreements to distribute medicinal cannabis products for certain territories including the UK, Australia, South Korea, Thailand and South America.
Haggai Alon, founder and chief of Security Matters, said the deal gave the company expedited entry into the broader global pharmaceutical industry.
“Signing this agreement to work with CliniCann represents a fantastic opportunity for us to access the ever-growing medicinal cannabis sector within new geographies,” he said.
“The CliniCann team is comprised of high-profile medicinal cannabis experts with a long history of commercialising products and companies in the sector and we look forward to working together in what we envisage to be a long and fruitful relationship.”
David Wheeler, CliniCann chairman, said the deal would provide his company with security and peace of mind as it ramps up expansion.
“The signing with Security Matters is a milestone step for CliniCann as it develops its medical cannabis distribution footprint ahead of a proposed listing on the London Stock Exchange in 2019,” he said.
The company is working with CliniCann to build track-and-trace solutions for distributors in the medicinal cannabis industry, giving them critical supply chain integrity, essential in keep customers, distributors, prescribers and regulators happy as the market grows.
“We are excited to be involved with such an innovative and technically strong organisation and look forward to bringing these technologies and innovations to the global cannabis space.”