Vancouver, British Columbia, Canada, December 3, 2019 – Global Cannabis Applications Corp. (“GCAC” or the “Company”) (CSE: APP, FSE: 2FA, OTCQB: FUAPF), a leading developer of innovative data and AI technologies for the medical cannabis industry, is pleased to announce that it has entered into an agreement to create a special purpose vehicle to be incorporated within Malta or Cyprus as a joint venture corporation (the “JV”) registered for GCAC and Inteligenta.
To be outlined in the definitive agreement, GCAC will contribute its Citizen Green Patient Care Solution and Inteligenta will provide its proprietary biometric watch in a 51/49 percent split respectively. GCAC will fund $1,500,000 into the JV over six months as a secured debt anchored to specific milestones set out over the next year. Based on an agreed-upon future valuation of $30,000,000, GCAC would have the right of first refusal to invest an additional $13,500,000 as a debt instrument into the JV for a two-year period at 5% interest, to be redeemed upon the sale of the JV entity. This debt can also be converted at the election of GCAC with one warrant per share priced at 150% of the convertible option share price after 2 years.
“We have structured this partnership to maximize the creation of a fully scalable 360° data aggregation model through joining our advanced technologies. The technology solution will have no limitations where it can be used, can meet any global regulatory requirements and used by all cannabis industry participants in the value proposition chain.” said Brad Moore, CEO of GCAC “We believe it’s a true embodiment of the term Cannabis 3.0.”
States Nadav Segal, the CEO of Inteligenta, “Integrating our biometric watch that creates nine data points every ten seconds with GCAC’s award winning AI and storing processed data on an immutable blockchain is an incredible opportunity for both companies, the cannabis industry, shareholders and most importantly patients themselves.”
The combined technology solution will map a wide range of feedback provide by Inteligenta’s biometric user watch and user inputs in the Prescriptii mobile and retail apps. Ingested with batch by batch strain information, including active pharmaceutical ingredients pathways and growing data, which is then processed and stored by GCAC’s Israeli built algorithm and blockchain. The integrated solution is designed to capture up to 76,000 user feedback data points for every gram of medical cannabis consumed to determine product efficacy for symptom treatment on an averaged basis.
The JV will produce a wide range of technology and data products that will be available for cannabis industry stakeholders. These include; raw user data and processed outputs, white label frontend application to retail product providers & the consumers, and a custom Enterprise version for large corporations. The Inteligenta watch will be available directly to consumers plus users’ fees will be charged to any existing GCAC applications at the time of definitive agreement. Ad revenues will be charged from in app ad opportunities.
Inteligenta is an Israel based start-up developing wearable sensor technology that monitors the effect of cannabis on patients and allows highly accurate recommendations of their treatment journey. Inteligenta was founded by Mr. Nadav Segal, an accomplished entrepreneur in the cannabis technology sector in Israel, one of the founders of P.S.C-CAN (https://www.psc-grp.com), a fully integrated international seed to product Hemp company. Inteligenta’s solution is based on a cutting edge Israeli developed sensor watch, which monitors thousands of reliable cardiac and blood pressure data points per patient, 24hrs-7 days, and which clinical trials showed it to be as precise as ECG monitoring. The watch is currently in the advanced stages of FDA and CE certification.
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 digital reward tokens, to qualify candidates for clinical studies. These technologies facilitate the proliferation of digital conversations by like-minded people in the medical cannabis community. Managed 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.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.