VerifyMe Receives Initial Order for 4 Million Brand Protection Labels from New Cannabis Client
VerifyMe (NASDAQ:VRME) announced an initial order of 4 million technology-enabled labels from a new cannabis client, with potential for 3-5 million labels monthly. These labels will allow consumers to authenticate products via smartphone. The Company’s CEO highlighted the rapid sales cycle, completing the sale in just 60 days. The launch aims to tackle counterfeiting and comply with advertising and product tracking requirements in the cannabis industry. VerifyMe specializes in brand protection, with products that enable serialization, authentication, and product tracking.
- Received an initial order for 4 million labels, indicating robust demand.
- Potential for ongoing monthly orders of 3-5 million labels from the client.
- Rapid sales cycle of 60 days, much shorter than the typical timeframe.
- Client is not obligated to place future orders, creating uncertainty for revenue.
- Dependence on cannabis industry may expose the company to market volatility.
ROCHESTER, NY / ACCESSWIRE / September 1, 2021 / VerifyMe, Inc. (NASDAQ:VRME) ("VerifyMe," "we," "our," or the "Company"), connects a brand's products with consumers using unique smart phone readable codes announced today that it has received an initial order for 4 million VerifyMe technology enabled labels from a new cannabis related client. The client has expressed a need for approximately 3-5 million labels per month on a going forward basis, although the client is not obligated to order any additional labels from the Company. At launch, these unique VerifyMe codes will provide consumers the ability to authenticate the product using their smart phones. In addition, the brand can provide detailed product specification features. In the future it is expected that additional robust two-way consumer engagement and business intelligence features will be added.
VerifyMe's Chief Executive Officer, Patrick White, commented, "during the first quarter of 2021, we executed an aggressive sales and marketing plan that included the hiring of seasoned security print sales specialists along with a new robust website design and social media advertising campaign. We believe this plan is now bearing fruit as we signed what could potentially be one of our largest sales to date." White continued: "This sale came from a lead on our website and was sold to the new client in 60 days upon receipt which is also much less than our traditional sales cycle. We look forward to sharing new wins as they occur. White added: "Cannabis clients are dealing with counterfeiting problems as well as unique advertising and government product tracking and reporting requirements. VerifyMe's custom technology solution helps solves these issues."
About VerifyMe, Inc.
VerifyMe, Inc. (NASDAQ:VRME), is a technology solutions provider specializing in brand protection functions such as counterfeit prevention, authentication, serialization, and track and trace features for labels, packaging and products. VerifyMe's physical technology authenticates packaging, labels, products, apparel 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. To learn more, visit www.verifyme.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements regarding revenue opportunities, the use of our products in additional devices and locations, strategic partnerships, commercialization efforts, our sales pipeline and opportunities, and geographic areas, markets and industries in which we intend to expand our business. The words "believe," "may," "estimate," "continue," "express," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include whether this cannabis client order any additional VerifyMe enabled labels in the future, whether our sales and marketing plan will lead to increased future sales, the impact of the COVID-19 pandemic, intellectual property litigation, the successful development of our sales and marketing capabilities, our ability to retain key management personnel, our ability to work with partners in selling our technologies to businesses, production difficulties, our inability to enter into contracts and arrangements with future partners, issues which may affect the reluctance of large companies to change their purchasing of products, acceptance of our technologies and the efficiency of our authenticators in the field. These risk factors and uncertainties include those more fully described in VerifyMe's Annual Report and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled "Risk Factors." Should one or more of these risks or uncertainties materialize, or should any of our underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
For Licensing or Other Information Contact:
Company: VerifyMe, Inc.
Email: IR@verifyme.com
Website: http://www.verifyme.com
Investors:
ClearThink
nyc@clearthink.capital
SOURCE: VerifyMe, Inc.
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FAQ
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