Vancouver, British Columbia, Canada - TheNewswire - November 10, 2020 - Global Cannabis Applications Corp. ("GCAC" or the "Company") (CSE:APP) (CNSX:APP.CN) (FSE:2FA) (OTCQB: FUAPF), a leading commercial licensor of proprietary Data and AI technologies to the medical cannabis industry, today announced that it has signed a Definitive Agreement ("Agreement") with Canadian company Purity-IQ Inc. ("Purity-IQ") to commercially integrate the Purity-IQ Cannabis Authenticity and Purity Standard (CAPS) into the GCAC platform; with a focus on the Canadian medical cannabis and adult-use markets, which are forecast to grow to CA$4.1 billion in 2021.
This Agreement expands the GCAC Cultivator-SaaS license to allow cultivators to pay a "Purity-IQ Access Fee" to GCAC. The access fee enables the immutable connection of a medical cannabis strain' batch to a Purity-IQ ISO17025 certified laboratory test result. These results are then further attested-to using GCAC's chain of custody blockchain platform, thereby ensuring product quality and consistency of strain and dosage, for the consumer or patient.
Purity-IQ and its patented process uniquely fingerprints cultivars based on a metabolite profile using Nuclear Magnetic Resonance (NMR) and DNA chip bioinformatics. Fingerprints are then referenced by GCAC's efficacy platform to verify batch-to-batch consistency in medical cannabis efficacy programs.
GCAC's CEO, Brad Moore "We're continuing to bring more truth to the medical cannabis space. Being able to compare the efficacy of a cultivator's cannabis strain on a batch-by-batch basis offers consumers products that they can trust. These disclosures also help pharmacies and dispensaries to build and protect their brands. Commercially, cultivators pay our access fee to link Purity-IQ batch-to-batch attestations to a crop, then this, in turn, brings other parts of the value chain into the GCAC fold, as they opt to work with growers committed to transparency."
Paul Valder, Cofounder and Chief Technology Officer at Purity-IQ commented "CAPS identifies and differentiates medical cannabis products, builds intellectual brand property and ensures authenticity. GCAC supports the whole value chain, including the Purity-IQ testing phases, and gives consumers full transparency, trust and confidence in the products they consume."
Under the Agreement, all GCAC derived attestation data is the intellectual property ("IP") of GCAC. Securing GCAC's IP creates an inherent difficulty in replicating, or directly competing with GCAC's medical cannabis datasets and solutions. The company believes this makes GCAC one of the most complete, and 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. The business provides the supply chain with validated scientific innovation in research and development, with a focus on ingredient and product identity, authenticity, consistency, and purity for brand claims. Purity-IQ focuses on commodities and inputs for the food, drug, beverage, natural health products and cannabis industries. Purity-IQ and its commercialized services offer practical and affordable quality assurance tools standards and certification, to business interested in increased reducing risk, brand protection and customer loyalty. For more information, please visit www.purity-iq.com.
Phone: +1 (800) 409-5679
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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