VANCOUVER, British Columbia, April 13, 2021 (GLOBE NEWSWIRE) -- Global Cannabis Applications Corp. ("GCAC" or the "Company") (CSE: APP, FSE: 2FA, OTCQB: FUAPF), a leading medical cannabis chain-of-custody compliance, efficacy and data platform, today announced a definitive three-year software licensing agreement with Herb Industries Ltd. (“Herb”), a Malta based medical cannabis cultivator. Grams cultivated are forecast as 44M in 2022 and 66M in 2023.
GCAC is licensing its Citizen Green Efixii platform as part of Herb’s ‘technology farm’ for use in its cannabis compliance and consumer transparency. Herb’s advanced-growth-method handles all production lifecycles from genetics, cannabis nursery, onsite ISO laboratory and extraction. Licensed by the Maltese government, Herb’s 12,000 SQM facility’s manufacturing lines will export to other EU members’ markets for pharmaceutical, solids, semi solids, liquids, flowers, cosmetics and edibles.
GCAC’s Software-as-a-Service (“SaaS”) license model meets the needs of cultivators as they scale. Cannabis lifecycle steps are represented by GCAC’s Efixii QR-code which can be scanned by customs officials, regulators, medical professionals and consumers alike to ensure that products are what they claim to be. GCAC charges a one-time configuration fee of $12,500 (USD), $50 per registered employee per month for KYC/AML, an export fee of $75 per cannabis batch and a consumer Efficacy-QR-code fee of $75 per retail product; in total, these fees generate CDN$.20/gram with a further potential yield of CDN$.18/gram in future data sales.
“44M grams in 2022 and 66M grams every year thereafter is an absolutely massive revenue opportunity for us on a per gram basis” states GCAC’s CEO Brad Moore. “And, just as important is knowing that tens of thousands of EU consumers trust Efixii’s QR-codes to give them, and their families, comfort knowing what they are ingesting is the safest and best product for them, thereby cementing our efficacy commitment of better outcomes for all medical cannabis patients.”
The European cannabis market is the largest in the world, with a forecast CAGR of 67.4% set to value the market at €3.2 billion by 2025 . The growth of the EU market since 2019 is attributed to consumer demand for CBD and the upgrading of regulations for medical cannabis. Key to meeting those regulations and building consumer confidence will be Herb’s use of the Efixii compliance platform. Efixii enables growers’ staff to record all events for cannabis cultivations, including mother plant, laboratory tests, shipment, processing and customs.
All of Efixii’s cannabis data is the intellectual property (“IP”) of GCAC. This IP creates an inherent difficulty in replicating or competing with GCAC’s medical 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 Dec. 17, 2020.
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.
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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.
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