Security Matters to target cannabis industry with new seed solution
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Special Report: Brand protection, supply chain integrity and blockchain tech company Security Matters will target the vast cannabis industry with a solution that would allow for the track and trace of seeds, plants and plant by-products.
Security Matters (ASX:SMX) has filed a patent application in the US for materials used in the marking, tracing, classification and identification of seeds and plants — meaning a plant’s entire supply chain could be securely managed.
The patent covers the use of Security Matters’ chemical solution for marking plants that can be completed during any stage of plant growth and cultivation, and even directly to the seed prior to planting.
The marking solution can be applied to the seed or plant via a coating, irrigation, fertilisation or several other common plant management processes, and is used for product authentication, supervision and supply chain management of the plant and plant by-products.
Security Matters will look to target the global cannabis market, estimated to be worth $132 billion by 2024, with this solution. The industry is predicted to grow at a compound annual growth rate of 37 per cent, and will look to experts such as SMX to secure its products as the industry matures.
The company is already active in medicinal cannabis, providing its technology to Australian medicinal cannabis distributor CliniCann / Health House, a crucial deal in establishing supply chain integrity in the booming medicinal cannabis market. The pair hope to create a “global standard” for the industry.
Haggai Alon, founder and CEO, says the move is part of his company’s efforts to increase its work in the agricultural sector.
“The two key considerations for any cannabis company are the ability to trace its origin and to control and monitor its content to establish in which application the final product will be used,” Alon said.
“SMX’s technology has the ability to do this and can ensure both needs are met without the requirement for complex genetic modification or negative impact to the cannabis seed, plants or plant products.
“This patent application supports SMX’s business model, to partner with global leading companies, and indicates our ability to create a digital twin from raw material to finished product.”