APP:CC - Global Cannabis Applications Corp. Completes Acquisition of WasteTrakr Technologies

(TheNewswire)

Vancouver, British Columbia, Canada – TheNewswire - July 8, 2022 – Global Cannabis ApplicationsCorp. (“ GCAC ” or the “ Company ”)(CSE:APP ) , ( FSE:2FA ) , ( OTC:FUAPF), is pleased to announce that, further to its newsrelease dated June 16, 2022, it has completed the acquisition (the“ Acquisition ”) of WasteTrakr Technologies, Inc.(“ WTT ”). The Acquisition was completedpursuant to a Share Exchange Agreement (the“ DefinitiveAgreement ”) entered into among the Company,WTT, and the shareholders of WTT (the “ WTT Shareholders ”).Following the completion of the Acquisition, WTT is a wholly-ownedsubsidiary of the Company.

Pursuant to the terms and conditions of the DefinitiveAgreement, the Company acquired 100% of the issued and outstandingsecurities of WTT in exchange for securities of the Company. Prior tothe completion of the Acquisition, WTT had 10,000,000 common sharesissued and outstanding (the “ WTT Shares ”). As consideration for theTransaction, the Company:

• issued an aggregate of 2,310,108 common shares in thecapital of the Company (the Consideration Shares ”) to the WTTShareholders pro rata in proportion to their holdings of the WTTShares. An additional 256,692 ConsiderationShares are being held back (the Holdback Shares ”) as security for thewarranties, representations and covenants of WTT and the WTTShareholders provided in the Definitive Agreement. Provided that theCompany has not given notice of a claim to WTT or the WTTShareholders, then the Holdback Shares will be issued one the datethat is 180 business days following the closing of the Transaction;and

• granted an aggregate of 500,000 common shares purchasewarrants (the ConsiderationWarrants ”) to the WTT Shareholders pro rata in proportion to their holdings of the WTT Shares. EachConsideration Warrant is exercisable into one common share in thecapital of the Company (a Warrant Share ”) at a price of $0.09 perWarrant Share for a period of twenty-four months from the closing ofthe Transaction.

The Consideration Shares and Consideration Warrants aresubject to a four-month hold period.

About WTT

WasteTrakr, was funded through Tress Capital, in 2019to pursue the lawful tracking and disposal and/or recycling ofcannabis waste using specialty waste software.  WTT pivoted in 2021to focus on  sustainability  and  how  to  provide  recycling solutions  for  the  waste  being  generated  by  theindustry. WTT developed a LOI with a leading SoCal waste hauler toimprove their waste hauling services to become a green and moresustainable eco-system.

Some  former  members  of  the WTT  Management Team,  including  CEO  and Co-Founder  Steve Peterson, will leadthe GCAC sales and marketing efforts, as a wholly owned subsidiary, todrive a sustainable supply chain using the GCAC blockchain productcalled “Efixii”.  In addition, the team  will  be  championing efforts  for  the  cannabis,  hemp  and  agriculture  sectors to  adopt  ESG (Environmental, Social and Governance) practices byusing the recently launched clearESG.app.

About 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, therebyenabling patients to provide crowd-sourced medical cannabis efficacydata. Driven by digital and cannabis industry experts, GCAC is focusedon generating revenue from SaaS licensing its technology, andacquiring high-quality cannabis datasets that improve patient outcomesand become the world’s largest cannabis efficacy data provider.

For more Company information, please visitwww.cannappscorp.com, or review its profiles on www.sedar.com and onthe Canadian Securities Exchange's website www.thecse.com .

Press Contact

Phone: +1 (800) 409-5679

Email: info@cannappscorp.com

Forward-Looking Information

This news release does notconstitute an offer to sell or a solicitation of an offer to sell anyof the securities in the United States. The securities have not beenand will not be registered under the United States Securities Act of1933, as amended (the “ U.S. Securities Act ”) or any state securities laws and maynot be offered or sold within the United States or to U.S. Personsunless registered under the U.S. Securities Act and applicable statesecurities laws or an exemption from such registration isavailable.

All information contained in thisnews release with respect to the Company and WTT was supplied by theparties, respectively, for inclusion herein, and the Company and itsrespective directors and officers have relied on WTT for anyinformation concerning such party.

This release includes certainstatements that may be deemed "forward-looking statements".All statements in this release, other than statements of historicalfacts, that address events or developments that the Company expects tooccur, are forward-looking statements. Forward-looking statements arestatements that are not historical facts and are generally, but notalways, identified by the words "expects","plans", "anticipates", "believes","intends", "estimates", "projects","potential" and similar expressions, or that events orconditions "will", "would", "may","could" or "should" occur. Although the Companybelieves the expectations expressed in such forward-looking statementsare based on reasonable assumptions, such statements are notguarantees of future performance and actual results may differmaterially from those in the forward-looking statements. Factors thatcould cause the actual results to differ materially from those inforward-looking statements include market prices, continuedavailability of capital and financing, and general economic, market orbusiness conditions. Investors are cautioned that any such statementsare not guarantees of future performance and actual results ordevelopments may differ materially from those projected in theforward-looking statements. Forward-looking statements are based onthe beliefs, estimates and opinions of the Company's management on thedate the statements are made. Except as required by applicablesecurities laws, the Company undertakes no obligation to update theseforward-looking statements in the event that management's beliefs,estimates or opinions, or other factors, should change.

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