YPB combats counterfeits for Namaste’s cannabis products

By Meagan Evans. Published at Feb 21, 2019, in Technology

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.”

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.