GCAC Strengthens Its Medical Cannabis Efficacy Platform with Purity-IQ Biotechnology to Address a $4.1 Billion Market Opportunity
Vancouver, British Columbia, Canada – TheNewswire - October 5, 2020 – Global Cannabis Applications Corp. ("GCAC" or the "Company") (CSE:APP) , FSE: 2FA, (OTC:FUAPF), a leading commercial licensor of proprietary Data and AI technologies to the medical cannabis industry, today announced that it has signed a Memorandum of Understanding (“MOU”) with Purity-IQ Incorporated of Canada (“Purity-IQ”) (http://purity-iq.com/) to integrate the Purity-IQ Cannabis Authenticity and Purity Standard (CAPS) and its Fingerprint™ technology with the GCAC efficacy platform; with a focus on the Canadian medical cannabis and adult-use markets, which are forecast to grow to CA$4.1 billion in 20211.
Following on from its TraceLocker announcement on September 3rd, GCAC is attracting key players in the Canadian medical cannabis space. The company’s MOU with Purity-IQ is a significant endorsement of the GCAC blockchain compliance and medical efficacy data collection platform. The proposed cooperation integrates GCAC’s efficacy-data with Purity-IQ’s CAPS Fingerprint™ service, a unique genetic and chemical profile of cannabis cultivars.
GCAC’s blockchain medical efficacy smartphone app immutably links a specific Purity-IQ CAPS Fingerprint™ cultivar directly to a consumer’s anonymous efficacy attestations. This is set to revolutionize the traceability of cannabis efficacy and bring it more in line with formal medical-trial information that a traditional dispensing pharmacist would be able to reference.
Purity-IQ can uniquely identify a cultivar based on a metabolite profile using Nuclear Magnetic Resonance (NMR) and DNA chip bioinformatics. The intent is for Purity-IQ Fingerprints to be referenced by GCAC’s efficacy platform to verify ‘batch-to-batch’ consistency in medical cannabis efficacy programs.
GCAC’s CEO, Brad Moore “I have no doubt that our smartphone efficacy-data platform is an industry leader for cannabis. Bringing the Purity-IQ scientific fingerprinting of cannabis cultivars, to which our consumers will report their efficacy, really builds a picture of what works for a consumer and what doesn’t. This is where medical cannabis needs to get to and, we’re bringing it there!”
Brad Moore continued, “With our blockchain truths and efficacy data-sets, medical practitioners, pharmacists, cultivators and processors gain efficacy data previously only found in formal drug trials. We change that and bring the wisdom-of-the-crowd to bear for medical cannabis efficacy.”
Under the agreement, GCAC contributions regarding efficacy are the intellectual property (“IP”) of GCAC. Securing GCAC’s IP creates an inherent difficulty in replicating, or directly competing with, GCAC’s medical cannabis solutions, and this is what the company believes makes GCAC one of the most exciting efficacy platforms in the cannabis and RegTech space.
About Global Cannabis Applications Corp.
Global Cannabis Applications Corp. is a global leader in designing, developing, marketing and acquiring innovative data technologies for the medical cannabis industry. The Citizen Green platform is the world's first end-to-end - from patient to regulator - medical cannabis data solution. It uses six core technologies: mobile applications, artificial intelligence, regtech, smart databases, blockchain and GCAC smart rewards to qualify candidates for clinical studies. These technologies facilitate the proliferation of digital conversations by like-minded people in the medical cannabis community. Driven by digital and cannabis industry experts, GCAC is focused on viral global expansion by providing the best digital experience in the cannabis market.
Purity-IQ is a Canadian biotechnology company based in Mississauga, Ontario. It is committed to innovation in research and development and in the commercialization of practical and affordable validated quality assurance standards and tools, designed to further support brand product claims related to identity, authenticity, and purity. Purity-IQ focuses on commodities and inputs for the food, drug, beverage, natural health products and cannabis industries.
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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.