YPB combats counterfeits for Namaste’s cannabis products
Product authenticity and consumer engagement solutions provider YPB Group Ltd (ASX:YPB) has today announced that Namaste Technologies Inc. (TSXV: N), an e-commerce leader in the cannabis market, has agreed to broaden the use of YPB’s product markers to all products on Namaste’s e-commerce platforms.
YPB Group is already working with major brands including Unilever, Dalda and Cisco. Namaste is an existing YPB distribution partner.
Brands on Namaste’s e-commerce platform will be encouraged to comply with the new markers. YPB markers are designed to protect consumers from the health, safety and quality risks associated with counterfeit products as well as provide greater market intelligence through the consumer data captured through YPB’s Connect platform.
YPB will receive 13 cents per product that is marked with YPB’s label solution. The company is also developing other methods of marking which will result in serialisation of product packaging. If the brand prefers to directly mark packaging with a printed code, the price per product would be between one and five cents per product.
The decision by Namaste Technologies follows the globally significant precedent recently set by e-commerce giant Amazon that has mandated anti-counterfeit markings on all products sold through its platforms.
Amazon says it has a zero tolerance policy to counterfeit products, but given its marketplace allows for third party sellers, its checks and balances have been put to the test.
The YPB solution has some distinct advantages over that announced by Amazon in terms of price, access the brand will have to data and, importantly, YPB’s solution can be read by any smartphone without the need for an APP.
YPB Group Limited Chief Executive Officer, John Houston said, “We are seeing a new level of consumer expectation that the products purchased are genuine, safe and socially responsible.
“Brands are increasingly seeing the reputational and financial damage that results from counterfeit products. It is great to see that the e-commerce platforms are taking the initiative to herald this new age, and YPB believes that it is exceptionally well-placed with the world’s leading product authenticity technologies.”
Meni Morim, CEO of Namaste Technologies said, “We want to do the best by our consumers and brands by taking proactive measures to ensure the authenticity of the products we sell through our platform.
“We believe YPB has a strong solution and we expect that the connectivity and authenticity features will be welcomed as a value-add by our brand clients and consumers.”