Vancouver, British Columbia, Canada, January 4, 2021 – Global Cannabis Applications Corp. (“GCAC” or the “Company”) (CSE: APP, FSE: 2FA, OTCQB: FUAPF), a leading medical cannabis data platform, today announced it has signed a Citizen Green Efixii (“Efixii”) Reseller & License Agreement (“Agreement”) with Transparent-C Ltd. (“Transparent-C”), a provider of regulatory and professional services to Israeli medical cannabis market participants.
Following on from October’s 3-year SaaS license sale of Efixii to the Israeli grower Bless Cultivation Ltd., GCAC continues to expand its international business development footprint with this Agreement. Transparent-C are now licensed to resell all GCAC SaaS products in Israel for a 20% revenue share of the cash received by GCAC, and at no upfront or recurring cost to GCAC.
The nascent Israeli medical cannabis market is currently valued at $233 million annually, with more than 74,000 Israelis already having doctors’ approval to medicate using cannabis. Efixii continues to generate significant interest amongst Israeli growers as a means to reduce the cost of both grow and export compliance, as well as being a complementary technology for enhanced customer consumption monitoring, as required by Israeli law.
“After witnessing the very positive feedback from the Israeli medical cannabis regulator regarding the use of Efixii as a compliance tool, we decided that we just had to market Efixii to all Israeli cultivators, retailers and exporters. We are delighted to become GCAC’s ‘boots on the ground’ here in Israel” said Eliran Avitan, co-founder of Transparent-C.
Brad Moore, CEO of GCAC said, “Our revenue model of Efixii licensing plus data sales generates CDN$.38/ gram for us. As such this reseller agreement into Israel with it growing consumer bases will be a big part of GCAC achieving its first and second-year sales targets. Just as importantly we can perfect our go-to-market strategy for what I see as the larger future opportunity with Transparent-C, and that’s for us to expand Israeli exports of cannabis to Europe by operating the most transparent cannabis disclosure platform in the world.”
The Agreement allows Transparent-C to pay for bespoke software enhancements to Efixii for their clients and regulator. Such enhancements are licensed exclusively to Transparent-C during the term of the Agreement. All enhancements remain the sole intellectual property (“IP”) of GCAC.
Under the Agreement, all GCAC derived cannabis data is the intellectual property (“IP”) of GCAC. GCAC’s IP creates an inherent difficulty in replicating, or directly competing with GCAC’s medical cannabis datasets. GCAC defined their protocols in a provisional patent application, ‘System of Process and Tracking Cannabis Products and Associated Method Using Blockchain’ as filed with the U.S. Patent and Trademark Office on December 17, 2020.
About Global Cannabis Applications Corp.
Global Cannabis Applications Corp. is a global leader in designing, developing, SaaS licensing and acquiring innovative data technologies for the medical cannabis industry. The Citizen Green and Efixii platforms are the world’s first end-to-end – from patient to regulator – medical cannabis data solutions. They use six core technologies: mobile applications, artificial intelligence, RegTech, smart databases, Ethereum blockchain and GCAC smart rewards. These technologies transparently disclose cannabis chain-of-custody events, thereby enabling patients to provide crowd-sourced medical cannabis efficacy data. Driven by digital and cannabis industry experts, GCAC is focused on generating revenue from SaaS licensing its technology, and acquiring high-quality cannabis datasets that improve patient outcomes and to become the world’s largest cannabis efficacy data provider.
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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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