Nynomic AG announced the launch of a proprietary cannabis meter developed by its subsidiary Spectral Engines. The measuring device enables a contactless analysis of hemp and cannabis active ingredients. The product (“Purpl PRO”) is a handy device and the spectral data required for this would be determined using the miniaturized Spectral Engines sensor. The product will be marketed in the U.S.
Nynomic AG has announced the launch of a new cannabis tool. This proprietary cannabis meter was developed by its subsidiary company Spectral Engines.
Nynomic AG was founded in 1995 under the name m-u-t GmbH with headquarters in Wedel, Germany. They have since developed into an internationally renowned high-tech company.
As part of its growth strategy, m-u-t GmbH rebranded in early 2007 to m-u-t AG and was listed on the German Stock Exchange by July 2007.
In order to focus m-u-t AG as a purely strategic financial holding company, they outsourced their operating business to m-u-t GmbH.
In June 2018, the name of m-u-t AG was changed to Nynomic AG by resolution at their Annual General Meeting.
New cannabis tools bring innovative solutions to the industry
This is the group’s second production-ready spectroscopy solution suitable for the large-volume consumer market, after a project with BSH.
The launch of the product could be regarded as a major step forward in the targeted development of high-growth B2C applications.
The measuring device enables a contactless analysis of the active ingredients in hemp and cannabis.
Essentially, the product, (“Purpl PRO”), is a handy measuring device with which, the main ingredients of hemp and cannabis (THC and CBD) can be determined contactless and in real-time.
The spectral data required for this would be determined using the miniaturized (MEMS-based) Spectral Engines sensor and processed with algorithms in a cloud to produce meaningful measured values.
These would then be transferred directly to the user’s end device (e.g. smartphone or tablet).
A more cost-effective solution
Compared to previous measurement systems in laboratories, the device represents a considerably more compact, mobile and cost-effective solution.
This expands the range of applications considerably. This means that the product can be used by producers, wholesalers, laboratories, and consumers.
It is also conceivable that the product could be used in government institutions such as customs agencies.
Accordingly, product sales are also expected to benefit from the expertise of Nynomics Group units.
They would have an international customer base and direct access to relevant end markets such as the agricultural industry, medical technology and, via Spectral Engines, the consumer environment.
The Group’s own direct sales activities are thus likely to complement the cooperation with local dealers in a meaningful way.
Another cannabis tool in the U.S.
Initially, the product will be marketed in the U.S. by Purpl Scientific Inc., a subsidiary of Spectral Engines, together with numerous distributors (currently approx. 20).
Sales are thus starting in the largest cannabis market in the world, which is expected to grow at an average rate of around 25% per year until 2025.
Cannabis currently has a global volume of around $12 billion.
Although the sales potential at this early stage is still low, thanks to Nynomic’s sales strength, analysts believe that the product should deliver a high six-digit to low seven-digit sales contribution next year.
With the development of an innovative measuring instrument for the cannabis market, Nynomic has reached another milestone in the penetration of the spectroscopy market in the consumer environment.
Pierre Gröning, an equity analyst at Montega AG, confirms his buy recommendation for the Nynomic stock and its target price of $29.92 (€27).
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