According to the U.S. Cannabis Report: 2020-2021 Industry Outlook, the legal cannabis market was worth an estimated $20.1 billion in 2020. Driven by strong customer demand, yearly legal sales are expected to increase at a compound annual growth rate (CAGR) of 21%, to reach over $41 billion by 2025. Increased consumer access to cannabis in newly passed legal markets is projected to generate $1.2 billion in revenue by 2022.
With the growing consumption of cannabis products, industry regulation is vital. We must maintain safety and quality in the market to ensure consumers enjoy authentic cannabis experiences. Read on to learn how Identiv’s radio frequency identification (RFID)-powered smart packaging solutions can help the cannabis industry guarantee more secure operations throughout its supply chain.
The Need for Safety, Quality Control, and Authenticity
Cannabis and hemp are natural products humans are increasingly consuming for their perceived health benefits. These products are especially popular among people who are seeking alternative nutrition and medicine to cope with common illnesses such as chronic pain, anxiety, infections, and compromised immunity.
In many jurisdictions where these products are legally accessible, government regulations tend to specify only the basic security requirements. In most other established industry sectors, companies, retailers, and customers demand far more than the minimum regulatory requirements and usually impose more rigorous safety and quality brand protection measures from their suppliers.
There is a glaring gap in the cannabis industry and a need for standardized safety and quality measures throughout the medicinal, edible, beverage, topical, and recreational product supply chain.
Identiv’s Powerful Solutions for the Cannabis Industry
Identiv provides one of the first true tech solutions in the cannabis industry for authenticity and safety. As cannabis is self-regulated but not FDA approved, it is important to adopt an RFID-enabled smart packaging solution now to ensure quality control at practically zero cost.
Our strategic partnership with TrueGreen allows us to digitize cannabis products and smart packaging with RFID and near field communication (NFC) technology. This collaboration supports asset tracking throughout the supply chain, authenticates products, and protects against package tampering.
According to Amir Khoshniyati, Identiv General Manager and Vice President, Transponder Business: “Our partnership with TrueGreen is accelerating quickly to meet the demands of the growing cannabis industry. In the second half of 2021, we developed five new proprietary multi-use RFID/NFC designs customized for the unique requirements of cannabis smart packaging.”
Powered by Identiv’s customized best-in-class RFID, NFC, and sensor designs, TrueGreen provides the world’s first cloud-based cannabis asset and smart packaging management platform. The solution offers unsurpassed product security for cannabis growers, marketers, and customers, and enables companies to capture real-time information and act on data-driven insights across the value chain.
Tim Daly, President of TrueGreen, believes the collaboration with Identiv brings unrivaled experience, innovation, and depth in RFID, NFC, and sensor design. He trusts the partnership can transform how the cannabis industry is leveraging critical data at every step of the business from farm to fingertip.
How Identiv’s RFID Tracking Supports Cannabis Security
With RFID tracking, it is possible to track cannabis from seed to sale. RFID tags can be used throughout the lifecycle of a marijuana plant to help growers and distributors adhere to the requirement for a regulated cultivation and distribution channel of cannabis products.
Identiv collaborates with cannabis software providers like TrueGreen, plant growers, and distribution channels to fit the right RFID tag according to their environment and processes. With the help of RFID tags, plants can carry their heritage and history from seed to retail stores and dispensaries. Tags can also alert when a tray of seeds is moved unplanned, for instance. Growers can rely on RFID tags for precise inventory management and better efficiency in their operations.
Make Cannabis Experiences Safer With Identiv
Today, RFID label tracking is vital in cannabis supply chains, empowering regulators and brands alike with greater visibility into inventory, supply, and origin. Some brands are also leveraging NFC labels to additionally communicate important educational and product-use information with their customers. Most smartphones come equipped with an NFC reader, allowing customers to scan the label to access unique product information, including ingredients, origin, lab testing results, and more.
At Identiv, we are ready to help your cannabis brand set up RFID tracking throughout your supply chain. We are a global provider of physical security, secure identification, and IoT solutions, and we offer top-of-the-line options to secure the cannabis industry, including real-time visual verification and situational awareness. Get in touch to learn more about how we can help you transform cannabis experiences via firstname.lastname@example.org or +1 888.809.8880.