United States, Wyoming, Cheyenne - 08/09/2019 — CBD growers and distributors place their reputations on the line with every product produced which showcases unsupported claims such as the source of origin, strain/species, pesticide-free, potency or THC content, Cannabinoid metrics, organic, and non-GMO, among others. Currently, distributors, retailers, and consumers rely on unsubstantiated supply chains to confirm the safety of products they consume without any form of secondary authentication.
The emerging CBD market, both recreational and medicinal, is lacking objective oversight after being denied by the FDA. Growers and distributors who objectively authenticate their products through the VerityOne platform place themselves at the forefront of the market by showing that they have nothing to hide and, in turn, make Verity's services the industry standard. Consumers will no longer settle for less.
Verity International, Ltd. is the leading third-party, independent non-government organization (NGO) and supply chain verification company. Verity ensures that any claim on a product is validated with supporting documentation. These records of authentication are made available through our VerityOne™ mobile and web platform for the appropriate governmental organizations, retailers, and consumers who may question the legitimacy of any statement labeled on a product.
At Verity's core, we grant truth an authentic voice by empowering countries, brands, and producers to take full control of their supply chains across the globe. Our technology protects our clients, and their customers, using truth and transparency to generate trust and certainty.
IBM Watson® Artificial Intelligence (AI), Hyperledger Blockchain, Food Trust Program and Internet of Things (IoT) devices are at the core of Verity One's technology infrastructure. These combined technologies provide traceability of assets, including physical aspects, intangible assets, and transactional data. Our secure, bifurcated blockchain network, VerityChain™, with multi-layered access, provides traceability from the originating source to the end consumer while providing transparency and substantiation to authorized users. Watson® is a real-time AI platform that is used to help clients develop bi-directional relationships with consumers and vendors through our VerityOne™ system. Blockchain technology has already been actively deployed in agriculture and food supply chains by industry giants like Walmart and IBM, but the CBD industry has remained untouched. For instance, IBM launched its blockchain-based food tracking network "Food Trust" to connect independent parties within the food industry IBM partnered with companies of various sizes like Nestle, Dole Food Co., Driscoll's Inc., Golden State Foods, Kroger, McCormick, Tyson Foods, and Walmart.
With more than a decade of experience within the Country of Origin labeling industry, Verity is the only company to have been successfully vetted by the United States government for its proprietary Made in USA Certified® supply chain verification process. Our Verity seals, not just Made in the USA, demonstrate to and ensure consumers that manufacturers and retailers are taking the initiative to validate their marketing claims to exceed industry and governmental standards for quality and value.
Tier 1 UPC Database Solutions
Verity is a Tier 1 UPC database provider, We accommodate CBD organizations (dispensaries, growers, etc.) with their brand or strain trademarks at competitive prices, by providing a solution to the enterprise proof of commerce barriers currently plaguing the CBD industry. Because CBD is Legal only with less than 0.3% otherwise a controlled substance in the United States, it is very difficult to provide proof of commerce. Proof of commerce is a prerequisite to receiving a trademark not only in the United States but globally as well. Inputting independently verified data into our Tier 1 UPC database provides proof of commerce, allowing CBD organizations to claim their trademarked strain, intellectual property, or proprietary services.
Source of Origin Certifications
Starting out as Made in USA Magazine in 2003, then Made in USA Certified in 2008, and now Verity International, Ltd., we have established ourselves as the certification industry leader in Country of Origin Labeling. In the CBD Industry, Source of Origin is paramount because of regulatory concerns and the localization of strains/species. For example, Afghan Kush or L.A Confidential. Moreover, certain geographical locations or even specific growing operations may be preferred. Verity allows consumers and distributors to know that the source of origin has been independently validated.
Our remarkable experience with Country of Origin labeling seamlessly transfers over into Source of Origin and other verifications for CBD products. Verity's unique Source of Origin certifications allows CBD organizations to differentiate themselves from competing brands, by leveraging our distinctive Certification marks in an indistinguishable marketplace, as well as set new standards for quality and assurance with consumers, retailers, and governments.
What we will provide in the future:
Product Fingerprint Scanning Technology:
Verity is developing product fingerprint scanning technology to easily identify and verify any strain on VerityOne blockchain network, providing safety and regulatory compliance for consumers. After scanning a strain, consumers will have instant access to any validated information, and the respectful supporting documentation.
Tax Stamp Verifications:
Verity is the industry leader in using blockchain to enforce proper tax revenue collection. By working in conjunction with National, State, and Municipal governments around the world, Verity has a system that is able to track a product from its point of origin all the way to the end consumer, while being able to guarantee that taxes are being paid on each individual product that is sold. These technologies are currently under development and being tested in pilot programs for tobacco, but are not ready to be rolled out for CBD.
Today, growers and distributors in the CBD industry are denied legality because of the difficulties associated with regulation and tax compliance. Verity will be able to provide governments with objective auditing of tax compliance through our VerityOne™ tax stamp validation process, which we are currently executing with a Top 5 tobacco company, in order to ensure compliance with European Union mandates. These measures improve the public perception of vice industries, like CBD, by demonstrating their desire to adhere to tax regulations, which in many parts of the world, is the main incentive behind legalization. After all, the only thing addictive about CBD is the tax revenue it generates.
Track and Trace:
Verity will be implementing track and trace technology to prevent diversion, counterfeiting, and tampering, while objectively verifying the source of origin, potency, and other marketing claims. None of these claims are being authenticated within the CBD market, leaving an open opportunity for anyone who can provide new levels of reassurance to consumers and governments.
Verity's unprecedented technology platform, VerityOne™, will provide priceless qualitative and quantitative data to the consumer, the producer, and the government. We will not only track the product, in this case, CBD, but we will also collect qualitative metrics through our Internet of Things devices along the way. For example, our devices will be able to monitor slight temperature differences or can detect if the container is opened at any time in the supply chain. Furthermore, we can provide the grower or distributor with data on where, how, and to what demographics their products are being sold through our supply chain. This data is priceless for both the consumer and the producer. Verity's hybrid blockchain network that is partnered and backed by IBM uses unique digital signatures to ensure that data being collected and provided is 100% legitimate, and cannot be censored, tampered, or forged.
For the consumer, VerityOne's mobile application allows consumers to view the full product history on the blockchain which ensures the information is independently authenticated, and that the data provided is legitimized through the blockchain data structure.
For the growers and distributors: our IoT devices provide precise metrics on crops; IBM Watson Artificial Intelligence provides database management and security; and our IBM Hyperledger blockchain provides data security, trust, and audibility. Each product is assigned a unique digital signature, which cannot be forged, which ensures that the data being provided is legitimate. Through these technologies, Verity can ensure that growers and distributors are in full legal compliance and can guarantee that taxes are being paid and recorded properly through our tax stamp validation process.
One of our most urgent solutions is recall management. Our mobile application will allow growers and distributors to send an instant notification to all of our users to notify the public of a recall, product contamination, or outbreak. Consumers can then scan their product packaging and be able to instantly verify through our database whether their product is included in the recall, potentially saving lives. Furthermore, growers and distributors who are forced to recall products, can provide instant repayments through our VRTY token and offer coupons or discounts through our mobile application to regain potentially lost business.
Bringing transparency and authentication to CBD can shield consumers from false claims of potency, source of origin, harmful chemical treatment/usage, and can even save lives by providing consumers with easily accessible, thorough, and objective product information. For example, 76 people in Connecticut recently overdosed on synthetic marijuana, under the impression that is was actual marijuana (see source). Verity can make it as simple as scanning an assigned product barcode with our mobile application to determine the legitimacy of the product and its product claims. All of this data is stored on our bifurcated blockchain network to provide an additional layer of trust and legitimacy through the decentralization of the network and the use of unique digital signatures. Our services can very well be the difference between life and death in an industry riddled with synthetic alternatives and black market dominance.
The CBD Industry: By The Numbers
According to a report by the Brightfield Group, the international CBD market is projected to hit $31.4 billion by 2021. Currently, the market is valued at around $7 billion but is expected to grow exponentially with the expanding legalization of marijuana. Additionally, marijuana legalization could create $132 billion in federal tax revenue and inject over a million jobs into the US labor market by 2025 if it becomes legal nationwide, according to a study by New Frontier Data. If we take into consideration that it is not legal in all 50 states and use our current patchwork, ArcView Market Research predicts the entire legal CBD market to reach $24.5 billion in sales by 2021.
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