Anti Counterfeit Technology for the Cannabis Industry
Anti Counterfeit Technology | How VerifyMe Can Help
The cannabis industry is thriving with expected growth to continue as more States legalize cannabis for both medical and recreational use. According to IBISWorld:
“The market size of the Medical & Recreational Marijuana Growing industry in the US has grown 30.5% per year on average between 2018 and 2023.”
This growth also brings new challenges, particularly in the area of counterfeiting. Counterfeit products pose health and safety risks to consumers and harm legitimate businesses along with their brand reputation. VerifyMe has proven anti counterfeit technology to detect and prevent counterfeit behavior while improving brand engagement, ultimately leading to higher consumer trust and therefore retention and increased revenue opportunities.
Be on the Lookout for Counterfeit Cannabis Products
As Cannabis volume and value have grown, so has the Counterfeit risk within the industry. These products may contain harmful ingredients such as fillers, incorrect dosages, or even be entirely fake. According to a recent article from Verified.org:
“People who vape counterfeit THC cartridges are at risk of exposure to dangerous chemicals like heavy metals and toxins that may not appear on their labels. In addition, because of the lack of production standards and regulations around these fake vape carts, they’re also likely to contain higher than average levels of residual solvents used in extraction or refinement processes—many of which can cause symptoms like dizziness, headaches, nausea, or even seizures in extreme cases”
Additionally, counterfeit accessories and hardware, such as vaporizers and cartridges, can also pose risks to consumer health and safety. Brand Authentication is just one of the ways VerifyMe is working to combat counterfeiting throughout the cannabis industry.
Negative Effects of Counterfeiting in the Cannabis Industry
Counterfeiting in the cannabis industry has numerous negative effects. Consumers may experience health problems from ingesting harmful or incorrect products, leading to decreased brand trust and negative product reviews. This would have a flow-on effect on the wider industry of distrust among products. Businesses may also experience significant revenue loss as counterfeit cannabis products cut into their market share, not to mention legal consequences from the sale of counterfeit products.
Anti Counterfeit Solutions for the Cannabis Industry
One way to prevent counterfeiting is by utilizing anti counterfeiting and brand authentication technologies from a reliable and trusted solutions provider. VerifyMe provides comprehensive anti counterfeit solutions, brand protection and consumer engagement that combine highly-secure product authentication, machine learning and AI to detect fraud, and end-to-end product traceability, with contextual and personalized consumer engagement. such as unique QR codes that can be scanned by consumers using a smartphone which allows them to verify that they are buying genuine products and can link to important product information such as COAs and expiration date.
Another strategy is to implement comprehensive end-to-end supply chain traceability and monitoring, which using machine learning can help identify potential counterfeit products at various stages of production and distribution. Regulatory compliance and enforcement can also play a critical role in preventing counterfeit goods from entering the legitimate supply channel.
Anti Counterfeiting Efforts in the Cannabis Industry
Cannabis companies are successfully using VerifyMe solutions to prevent counterfeiting and enhance their brand’s reputation. One of our clients uses our services to create tamper-evident labels that feature VerifyMe QR codes. Consumers are encouraged to scan the QR code to authenticate the product, and any fake copies of the code are flagged on the consumer’s mobile phone and to the brand with alerts and on a brand-specific web portal. Removing the label would compromise the packaging, ensuring the integrity of the product. Since implementing this solution, the brand has seen an increase in consumer engagement, as customers are scanning the product post-sale. Furthermore, counterfeit issues have been identified and countermeasures put in place to stop the bad actors since implementing our anti counterfeit and authentication technology.
Future of Anti Counterfeiting in the Cannabis Industry
According to Grand View Research, the legal cannabis industry worldwide is predicted to expand at a compound annual growth rate of 25.3% from 2022 to 2030, reaching a market value of $134.4 billion by 2030. This rapid growth increases the need for anti counterfeiting measures will only increase. Innovations in technology, such as specialized security features and machine learning, may provide new solutions to the problem of counterfeiting. Working with a cutting-edge anti counterfeit solutions company like VerifyMe will ensure you have a brand protection strategy to meet your specific needs.
Conclusion
Counterfeiting in the cannabis industry is a serious problem that can have negative consequences for both consumers and legitimate businesses. VerifyMe provides powerful tools to combat counterfeiting and improve the trust and integrity of your brand. By using VerifyMe solutions, you can ensure that your customers are getting genuine products, leading to increased brand engagement through trust and loyalty. As the cannabis industry continues to evolve, the need for anti counterfeit measures and those provided by VerifyMe will only grow.