YPB stamps out fakes and builds trust in cannabis industry
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Special report: Counterfeit fighter YPB wants to bring more trust to the booming cannabis industry.
The company (ASX:YPB) has announced the official launch of a joint initiative with partner Namaste Technologies to help cannabis manufacturers and growers protect their customers and brand reputation from counterfeit products – as well as the initiative’s first customer.
YPB says almost all major vape brands have counterfeit versions out in the market. And stamping out fakes requires a 360-degree industry-wide solution.
The new initiative, called Cannabis Confirmed, will offer brands an innovative way to ensure authenticity as well as deepen customer engagement.
It all centres around YPB’s ProtectCode technology. Manufacturers and growers place the authentication sticker, which houses a specially designed invisible tracer-embedded QR code and unique serial number under a scratch-off panel, on their product packaging.
This enables digital verification through every step of the supply chain.
To authenticate their purchase, a customer scans the QR code, which takes them to a customised digital platform where they can enter the unique serial number.
It also allows brands to deliver new engagement experiences, such as product information, competitions, surveys and more, once scanned.
YPB’s broader partnership with Namaste – known as the “Amazon of the medical cannabis industry” – was announced late last month.
Leading Chinese vaporiser manufacturer Kingtons is the first customer to be signed under the partnership.
Kingtons is one of the top five producers of vaporisers and e-cigarette hardware in China.
Chief executive John Houston says signing the first client within the first month of the partnership reflects the enormity of the opportunity for the business.
“The rapidity of converting Kingtons so soon after the official launch of Cannabis Confirmed reflects both the opportunities of this exciting partnership and the potential for rapid revenue growth,” he said.
“We expect to demonstrate strong momentum with the partnership Namaste.”
This special report is brought to you by YPB.
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