Vancouver, British Columbia, Canada, September 3, 2020 – Global Cannabis Applications Corp. (“GCAC” or the “Company”) (CSE: APP, FSE: 2FA, OTCQB: FUAPF), a leading commercial licensor of proprietary Data and AI technologies to the medical cannabis industry, today announced the closing of its months-long integration, and its exclusive licensing agreement, with TraceLocker, thereby marking the final step in the commercial launch of the $5.92m1 dollar Citizen Green medical cannabis efficacy and data acquisition platform.
Since June 2017, GCAC invested $1.34m1 in proprietary software research & development and $4.58m1 in acquiring 3rd party software and consulting for Citizen Green. The integration of TraceLocker is the final part required for the commercial launch of Citizen Green. TraceLocker is a blockchain-secured data acquisition front-end that GCAC helped re-engineer to better align with, and leverage the 3-year investment in, the Citizen Green Data & AI suite; a perfect synergistic combination.
GCAC is now ready to license Citizen Green to medical cannabis & CBD producers & retailers. Citizen Green’s Prescriptii patient care component, and its efficacy-driven algorithms, are also integrated with TraceLocker’s blockchain platform, thus creating what Company believes to be the world’s first complete efficacy-driven, seed-to-shop-to-seed, cannabis solution.
GCAC’s CEO, Brad Moore “We’re so excited to finally be able to break our silence and bring our trailblazing Citizen Green product to market. Recent months have been both amazing and hectic, as I believe this product is a game-changer for cannabis. We’re ready to license today and going live by the end of Q3 was a key component of my product execution and revenue plan.”
Brad Moore continued, “Tracelocker integration provides Citizen Green licensees in the medical cannabis & CBD sectors with the ability to compliantly sell their products into the toughest, and most lucrative, cannabis marketplaces. Citizen Green Data-access subscriptions and licensing revenues also form a significant part of my two-year execution plan. And, as part of our channel strategy, licensed channel partners that offer Prescriptii to retailers & consumers also gain paid-access to our invaluable consumer data for cannabis usage, medical efficacy and sales insights.”
Under the TraceLocker license agreement, all previous and future GCAC contributions to TraceLocker remain the exclusive intellectual property (“IP”) of GCAC. Securing GCAC’s IP in this way creates an inherent difficulty in replicating or directly competing with such an extensive medical cannabis solution, and this is what Company believes makes Citizen Green one of the most exciting software 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.
TraceLocker is an Ethereum blockchain powered compliance platform that provides binding attestations of regulated goods’ chain of custody. Combining KYC and AML regtech with its end-to-end information management service, TraceLocker ensures all regulatory data is provably captured and secured using immutable blockchain notarizations. The solution manages the ever-changing global export landscape with a flexible and configurable hosted service that adapts to meet individual suppliers and regulators needs. TraceLocker is headquartered in Switzerland, with an in-house team of software developers in Switzerland and Ireland. www.tracelocker.com
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Bradley Moore Corporate Communications
Chief Executive Officer Telephone: +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.