If I understand it correctly, the SIC code defines the business, not the waste. So it still all seems a bit pointless a business could quite likely generate waste which is outside their norm.
If a Florist, whose normal waste is compostable, say flower stems, dead flowers etc, wants to dispose of old paint they used to paint the shop (perfectly legitimate waste in the course of their business), they can what .... compost the paint?
Pointless for us certainly, but I struggle to see any advantage or usefulness elsewhere.