2022-06-09 | CST:APP | Press release
Vancouver, British Columbia, Canada – TheNewswire – June 9, 2022 – Global Cannabis Applications Corp. (“CCGA” or the “Company”) (CSE: APPLICATION), (ESF: 2FA), (OTC:FUAPF), a leader medical cannabis chain of custody compliance and data platform announced the signing of a Letter of Intent (LOI) to form a Joint Venture (JV) with COMSOL PPV Telecom (“Comsol & CloseCurlyDoubleQuote;) to open an online portal focused on providing Canadian veterans with Efixii cultured cannabis products. Sana’a Cannabis, based in New Brunswick, will be the leading grower to provide best-in-class cannabis to veterans grown on the Efixii blockchain.This is the first use of Efixii in the Canadian medical market by a major grower.
GCAC and Comsol will incorporate and operate the new entity in New Brunswick to serve the $117 million Canadian veteran market. GCAC will transfer its non-possession medical cannabis license and own a 49% share, Comsol 51% of the joint venture. GCAC will configure a veteran-specific version of Efixii and integrate it into the digital storefront provided by Comsol, and provide online training, sales and marketing support. Comsol will operate the digital storefront and product fulfillment will be through Sana’a. In addition to its own products grown using Efixii for the Canadian veteran and adult markets, Sana’a will provide advice and management support in the selection of other cannabis growers wishing to sell on the storefront. veterans. All 3rd party cannabis growers must authorize the Efxii software in order to sell on the storefront. GCAC will collect license fees for each gram of cannabis sold by the JV. The joint venture will earn $8.50 per gram for the veteran market, according to Veterans Affairs’ Strategies. Currently, 15,000 Canadian veterans use licensed medical cannabis.
“As a veteran, I’m thrilled to be working with a cannabis company focused on the patient, not just the money,” said Brad Moore, CEO of GCAC. “Efixii is redefining the cannabis supply chain. In addition, joint venture data allows us to measure the one per gram basis to understand cannabis efficacy and create better outcomes for veterans.”
“We chose to work with Sana’a because its values and focus on the medical market aligns perfectly with the JV’s goals for the veteran community,” says Veronica Flores, CEO of COMSOL. Additionally, Sana’a has successfully rolled out craft-grade cannabis with its first product to market, Pink Bubblegum”.
GCAC and Comsol will settle the terms of the definitive agreement no later than July 30, 2022, after receipt of all necessary regulatory, corporate and third-party approvals, including stock exchange approval, and compliance with all applicable regulatory requirements and conditions, including execution of license and sales agreement and of distribution.
Efixii is licensed to growers in a SaaS model and is a free app for cannabis consumers. All cannabis sold through the portal generates a new sales commission revenue stream for GCAC. Efixii’s cannabis data is the intellectual property (“IP”) of GCAC. This intellectual property creates an inherent difficulty in replicating or competing with GCAC’s cannabis datasets. GCAC has defined its protocols in a U.S. Provisional Patent Application, “Cannabis Product Processing and Tracking System and Method Using Blockchain’ filed with the USPTO on December 17, 2020.
About Global Cannabis Applications Corp. “GCAC”
GCAC is a global leader in the design, development, SaaS licensing and acquisition of innovative data technologies for the medical cannabis industry. The Citizen Green and Efixii platforms are the world’s first end-to-end medical cannabis data solutions – from patient to regulator. They use six core technologies: mobile apps, artificial intelligence, RegTech, smart databases, Ethereum blockchain, and GCAC smart rewards. These technologies transparently disclose events in the cannabis chain of custody, allowing patients to provide data on the effectiveness of crowd-sourced medical cannabis. Driven by digital and cannabis industry experts, GCAC is focused on generating revenue from the SaaS licensing of its technology and acquiring high-quality cannabis datasets that enhance the patient outcomes and become the world’s largest provider of cannabis efficacy data.
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E-mail: [email protected]
This press release may contain forward-looking information within the meaning of Canadian securities laws regarding the business of GCAC. Forward-looking information is based on certain key expectations and assumptions made by GCAC’s management. Although the Company’s management believes that the expectations and assumptions on which this forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information, as GCAC cannot guarantee that it will prove to be accurate. The forward-looking statements contained in this press release are made as of the date of this press release. GCAC disclaims any intention or obligation to publicly update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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