South African Cannabis Firm to Become Efixii Reseller
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Deal with insurance subsidiary drives GCAC’s 2022 sales to $2.38M*
Vancouver, British Columbia, Canada – TheNewswire - July 5, 2022 – Global Cannabis Applications Corp. ("GCAC" or the "Company") (CSE:APP), (FSE:2FA), (OTC:FUAPF), a leading medical cannabis chain-of-custody compliance and data platform announced that on June 30, 2022, it had signed an exclusive Reseller Agreement (“Agreement”) with Efixii Africa (“EA”), a to be wholly owned subsidiary of South African cannabis insurer, Blue Anchor 420 (“BA 420”). GCAC will be paid an annual license fee of USD$230,000 for 3.3 million grams of cannabis cultivated using Efixii.
Related to the Letter of Intent signed with Blue Anchor on January 25, 2022 [1], EA will provide Efixii to cultivators in South Africa, Lesotho and Zimbabwe under license from GCAC. Cultivators using Efixii will be offered preferred insurance rates by BA 420 due to Efixii’s superior compliance and transparency, which reduces certain underwriters' risks. Per its standard reseller terms, the Company will provide service and support to EA. The company will audit Efixii quarterly, and any additional usage on per gram basis be charged at a premium on top of the annual license fee.
"We did a deal with Blue Anchor earlier this year to help them move into the cannabis sector because we loved this use case of Efixii," says GCAC CEO Brad Moore. "Using blockchain in such a tangible way to lower costs to cultivators AND protect consumers is amazing. As with clearESG, I see this as another example of Efixii being used across many industries.”
Efixii and clearESG are designed as leading supply chain solutions with the ability to drive sales of premium products, resolves supply issues quickly and reward cultivators/manufacturers [2]. Along with the sales agreement signed with Emtri [3] and Genetic [4] earlier this year, the total year-to-date sales is USD$1.85M.
Further states Moore "We came from zero sales at the beginning of the year and have burst forward to deliver on results that we promised. These deals represent one simple thing - companies want to use our Level 2 Ethereum blockchain to get their products to market. Our significant investment is paying off and continues to give us a competitive advantage as a supply-chain tech firm. I am always grateful to our shareholders who continue to believe in what we do."
Efixii’s cannabis data is the intellectual property ("IP") of GCAC. This IP creates an inherent difficulty in replicating or competing with GCAC's cannabis datasets. GCAC defined their protocols in a provisional U.S. patent application, 'System of Process and Tracking Cannabis Products and Associated Method Using Blockchain' filed with the USPTO on December 17, 2020.
[2] https://www.youtube.com/watch?v=qwTHYV-2mL8
[3] https://newsroom.cannappscorp.com/211847-gcac-signs-definitive-agreement-with-us-1-5m-in-revenue
* https://www.xe.com/currencyconverter/convert/?Amount=1&From=USD&To=CAD
About Global Cannabis Applications Corp. “GCAC”
GCAC is a global leader in designing, developing, SaaS licensing and acquiring innovative data technologies for the medical cannabis industry. The Citizen Green and Efixii platforms are the world's first end-to-end - from patient to regulator - medical cannabis data solutions. They use six core technologies: mobile applications, artificial intelligence, RegTech, smart databases, Ethereum blockchain and GCAC smart rewards. These technologies transparently disclose cannabis chain-of-custody events, thereby enabling patients to provide crowd-sourced medical cannabis efficacy data. Driven by digital and cannabis industry experts, GCAC is focused on generating revenue from SaaS licensing its technology and acquiring high quality cannabis datasets that improve patient outcomes and to become the world’s largest cannabis efficacy data provider.
For more Company information, please visit www.cannappscorp.com, or review its profiles on www.sedar.com and on the 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 may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of GCAC. Forward-looking information is based on certain key expectations and assumptions made by the management of GCAC. Although management of the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because GCAC can give no assurance that they will prove to be correct. Forward-looking statements contained in this news release are made as of the date of this news release. GCAC disclaims any intent or obligation to update publicly 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.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.
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