APP:CC - GCAC and Cultivator Joining Forces to Provide Efixii Cultivated Cannabis to Canadian Veterans
(TheNewswire)
Vancouver, British Columbia, Canada– TheNewswire- June 9, 2022 – Global CannabisApplications Corp. (" GCAC" or the" Company" ) ( CSE:APP ) , ( FSE:2FA ) , ( OTC:FUAPF ), a leading medical cannabis chain-of-custody compliance anddata platform announced the signing of a Letter of Intent (LOI) to form a Joint Venture (JV) with COMSOLPPV Telecom (“Comsol”) to open an online portal focused onproviding Canadian veterans with Efixii cultivated cannabis products.New Brunswick-based Sana’a Cannabis will be the lead cultivator toprovide best-in-class cannabis to veterans grown on the Efixiiblockchain. This marks the first use of Efixii in the Canadian medicalmarket by a major cultivator.
GCAC and Comsol will incorporate and operate the new entity in NewBrunswick to service the $117million Canadian veteran market. GCACwill transfer its non-possession medical cannabis license and hold a49% share, Comsol 51% of the joint venture. GCAC will configure aveteran-specific version of Efixii and integrate it into the digitalstorefront provided by Comsol, and provide online training, sales& marketing support. Comsol will operate the digital storefrontand product fulfilment will be through Sana'a. In addition to its ownproducts being cultivated using Efixii for both the Canadian veteranand adult markets, Sana’a will provide guidance and managementsupport in the selection of other cannabis producers wishing to sellon the veteran storefront. All 3 rd party cannabis producers must license Efxii software to beeligible to sell on the storefront. GCAC will earn a license fee foreach gram of cannabis sold by the JV. The JV will earn $8.50 per gramfor the veteran’s market as per Veterans Affairs’ policies.Currently, 15,000 Canadian veterans are using licensed medicalcannabis.
“As a veteran, I am delighted to work with a cannabis companyfocused on the patient, not just the money," said GCAC CEO BradMoore. “ Efixii redefines the cannabis supply chain. In addition,the JV data lets us measure cannabis on a per gram basis to understandcannabis efficacy and create better outcomes for the veterans.”
“We chose to work with Sana’a as its values and its focus in themedical market align nicely with the JV’s goals as it relates to theveteran community”, says COMSOL CEO Veronica Flores. “Furthermore, Sana’a has shown success in rolling out a craftquality cannabis with its first to market product, Pink Bubblegum”.
GCAC and Comsol will settle the terms of the Definitive Agreement nolater than July 30, 2022, following receipt of allnecessary regulatory, corporate, and third-party approvals, includingthe approval of the Exchange, and compliance with all applicableregulatory requirements and conditions, including execution of theLicense and the Sales and Distribution Agreement.
Efixii is licensed to cultivators in a SaaS model andis a free-to-use app for cannabis consumers. All cannabis sold throughthe Portal generates a new sales-commission revenue stream for GCAC.Efixii’s cannabis data is the intellectual property (“IP”) ofGCAC. This IP creates an inherent difficulty in replicating orcompeting with GCAC’s cannabis datasets. GCAC defined theirprotocols in a provisional U.S. patent application, ‘System ofProcess and Tracking Cannabis Products and Associated Method UsingBlockchain’ filed with the USPTO on Dec. 17, 2020.
About Global Cannabis ApplicationsCorp. “GCAC”
GCAC is a global leader in designing, developing, SaaSlicensing and acquiring innovative data technologies for the medicalcannabis industry. The Citizen Green and Efixii platforms are theworld's first end-to-end - from patient to regulator - medicalcannabis data solutions. They use six core technologies: mobileapplications, artificial intelligence, RegTech, smart databases,Ethereum blockchain and GCAC smart rewards. These technologiestransparently disclose cannabis chain-of-custody events, enablingpatients to provide crowd-sourced medical cannabis efficacy data.Driven by digital and cannabis industry experts, GCAC is focused ongenerating revenue from SaaS licensing its technology and acquiringhigh-quality cannabis datasets that improve patient outcomes andbecome the world’s largest cannabis efficacy data provider.
For more Company information, please visit www.cannappscorp.com , or review itsprofiles on www.sedar.com and on the Canadian Securities Exchange's website www.thecse.com .
PressContact
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Email: info@cannappscorp.com
Forward-Looking Information
This news release mayinclude forward-looking information within the meaning of Canadiansecurities legislation concerning the business of GCAC.Forward-looking information is based on certain key expectations andassumptions made by the management of GCAC. Although management of theCompany believes that the expectations and assumptions on which suchforward-looking information is based are reasonable, undue relianceshould not be placed on the forward-looking information because GCACcan give no assurance that they will prove to be correct.Forward-looking statements contained in this news release are made asof the date of this news release. GCAC disclaims any intent orobligation to update publicly any forward-looking information, whetheras a result of new information, future events or results or otherwise,other than as required by applicable securities laws.
The CanadianSecurities Exchange has not reviewed and does not acceptresponsibility for the adequacy and accuracy of thisinformation.
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