GCAC Awarded License to Operate as Medical Cannabis Retailer
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Brings unique brand of patient-focused cannabis healthcare to Canada
Vancouver, British Columbia, Canada – TheNewswire - February 1, 2022 – Global Cannabis Applications Corp. ("GCAC" or the "Company") (CSE:APP) (CNSX:APP.CN) |(FSE:2FA) (OTC:FUAPF), a leading medical cannabis retail sales and blockchain compliance platform, is pleased to announce today it has been approved as a Sale for Medical Purposes (without possession) Licence holder by Health Canada under the Cannabis Act. GCAC will operate Canada’s first medical cannabis online retail store that uses blockchain technology on a per batch basis to safely and reliably deliver medical cannabis treatments.
GCAC provides a unique and engaging retail experience with blockchain truths underpinning the provenance, quality, and accuracy of potency disclosures of medical cannabis [1]. The store expects to provide a wide selection of therapeutic products for patients, including the Company's own line of branded cannabis, as well as a comprehensive offering of medical cannabis, including whole flower, oils, vapes, and pre-rolls, all offered with patient health and wellbeing in mind.
Unique to GCAC, patients may anonymously provide efficacy feedback on cannabis treatments using the Efixii app [2], thereby helping to improve the health of others in the Efixii community.
"We applied for our license last year [3] and have since worked with Health Canada to meet the strict conditions of such an incredible responsibility. In parallel, we’ve been working with some amazing micro-cultivators during the pandemic, and while challenging, it has helped us to better learn of the environmental concerns in the cannabis space. We believe consumers want to know about the Environmental, Social and Governance policies that cultivators follow, and we listened, invested, and upgraded Efixii to allow our cultivators to tell their ESG story before the launch of our retail store [4].” says GCAC's CEO, Brad Moore.
The addressable market for GCAC’s medical cannabis sales in Canada is C$2 billion, which comprises 292,000 registered patients, consuming an average of 2 grams a day each [5], with an average price of C$9.81 gram [6]. In addition, GCAC is the only national vendor to demonstrate the entire lifecycle of each plant consumed which gives patients much comfort in their treatment.
Efixii is licensed to cultivators in a SaaS model and is a free-to-use app for cannabis consumers. Cannabis sold through the licensed GCAC portal generates sustainable revenues. 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 sales and 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.
[1] https://weedlegal.com/health-canada-issues-reminder-on-cannabis-potency-labeling-after-pure-sunfarms-complaint/
[2] https://cannappscorp.com/
[3] https://newsroom.cannappscorp.com/197973-gcac-announces-health-canada-medical-cannabis-sales-license
[4] https://newsroom.cannappscorp.com/208719-gcac-helping-cannabis-companies-share-esg
[6] https://stratcann.com/2021/07/07/more-than-two-years-after-legalization-the-average-price-of-cannabis-in-canada-is-lower-than-ever/
About Global Cannabis Applications Corp. “GCAC”
GCAC holds a Health Canada Medical Cannabis Sales license and 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 sales and 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 generates revenues from medical cannabis sales, SaaS technology licencing, and the sale of high-quality cannabis datasets. GCAC will become the world's largest cannabis efficacy data provider by using technology to improve patient outcomes.
For more Company information, please visit www.cannappscorp.com, or review its profiles on www.sedar.com and 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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