VerifyMe, Inc. (NASDAQ:VRME), a digital technology solutions provider specializing in counterfeit prevention, authentication, serialization, data mining, track and trace, features for labels, packaging and products, is pleased to announce its first VeriPAS™ track and trace technology purchase order in the cannabis industry.
VerifyMe Chief Executive Officer, Patrick White, commented, “The cannabis industry represents a great opportunity for VerifyMe. According to an April 2020 market research study by BDSA and Arcview Market Research, the industry is expected to continue to be one of the fastest-growing global markets over the next five years, from growth of 46% to $14.8 billion in 2019 to an expected $47 billion by 2025. The emerging legal cannabis and vape industry is susceptible to black market counterfeits, as demonstrated by the U.S. vape crisis in September 2019.”
While this initial order for pre-printed tamper-proof labels containing VeriPAS™ technology is for one product, if the results from this initial order are positive, VerifyMe anticipates receiving multiple orders for this product over the year. This cannabis company has multiple products that could utilize the VeriPAS™ technology which could be added in future orders once results from this initial order are analyzed.
Mr. White, continued, “This new order in cannabis, a new sector for us, demonstrates that our technology is applicable across a wide range of industries, where brand protection, authentication and anti-counterfeit technology has become increasingly important. Our initial order exemplifies our strategy of land and expand, as there are additional product opportunities for expansion with this new client. We look forward to working with this new customer in differentiating and adding value to their products.”
VerifyMe’s VeriPAS™ track and trace will be utilized on pre-printed tamper-proof labels in order for the client to protect itself from counterfeit products containing contaminants. VeriPAS™ allows customers to instantly authenticate the product with their smartphone before using the product thereby assuring the customer that the product is authentic before use.
The track and trace technology solution and the VeriPAS™ web portal gives the brand owner the ability to monitor, control, protect and market the product during its whole life cycle from raw material to shipping to the warehouse to retail to finally, the customer. It enables track and trace of the product within 10 feet using a web portal that monitors the GPS locations. VeriPAS™ will send warnings and pinpoint locations to the brand owner if it suspects any counterfeit or product diversion activity.
In addition, VeriPAS™ empowers the brand owner to engage with the customer with one-on-one advertising with discounts, coupons, product specifications and provision of product details. VeriPAS™ is also useful to the brand owner for data mining and gathering business intelligence.
We believe VeriPAS™ solves an emerging significant problem of brand owners being bombarded with refunds and replacements of previously purchased counterfeit products. The brand owners can now verify the authenticity of any returned product.
About VerifyMe, Inc.
VerifyMe, Inc. (NASDAQ:VRME), is a technology solutions company that markets products supported by patents, patent applications and trade secrets which provides identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging and products. VerifyMe’s technology authenticates packaging, labels and documents with a suite of proprietary security inks and pigments, which work in conjunction with serialization and track-and-trace software known as VeriPAS™ that allows both consumers and brand inspectors to verify authenticity with their smartphones. VeriPAS™ is a serialization software system that brand owners access through a web portal to monitor, control and protect their products complete life cycle.
