Vancouver, British Columbia, Canada - TheNewswire - October 14, 2020 - Global Cannabis Applications Corp. ("GCAC" or the "Company") (CSE:APP), (CNSX:APP.CN), (FSE:2FA), (OTC:FUAPF), a leading commercial licensor of proprietary Data and AI technologies to the medical cannabis industry, today announced a definitive three-year software licensing deal with Bless Cultivation Ltd. ("Bless"), an Israeli based medical cannabis cultivator. This licensing agreement marks GCAC first sales revenue for Citizen Green since announcing its launch on September 3, 2020.
GCAC's Cultivator Software-as-a-Service ("SaaS") license enables growers' staff to record all events for medical cannabis cultivations, including mother plant, laboratory tests, shipment and customs controls. The Citizen Green blockchain technology ensures the integrity of a grower's data for regulators and, ultimately, for consumers to rely upon.
Using Citizen Green, Bless can track and trace its 350,000 grams per annum cannabis cultivations throughout its Ramat Ha'golan facility. The software license is structured in three parts:
1. One-time payment of US$12,500 to configure the Bless cultivator inside Citizen Green
2. Recurring monthly SaaS fee of US$499
3. A recurring fee of US$75 per medical cannabis shipment and or product that Bless requires formal blockchain attestations for regulatory or export and customs compliance
4. A recurring fee of USD$50 per registered users per month for on going KYC/AML compliance checks.
As of May 2020, 7,840,577 packaged units of cannabis have been sold across Canada for medical and non-medical purposes1. GCAC wants to put its QR code story on every such package. This QR code allows cannabis consumers to know the origin of their cannabis, along with its entire chain-of-custody history. Attracting cultivators is the first stage of the process to bring all cannabis participants into the Citizen Green fold. The network effect of cultivators bringing in laboratories and distributors has to the potential to drive exponential SaaS revenues for Citizen Green.
Bless Founder and VP R&D, Nadav Segal "We selected Citizen Green because it is the only viable technology we tested that can demonstrate that our products are regulatory complaint. We're using its compliance lifecycle storytelling to deliver product-transparency to customs officials, distributors and consumers alike. I fully expect Citizen Green to speed up our seed-to-sale cycles, increase consumer confidence in our products and to lower our compliance costs."
"Now that our cannabis track and trace software is in production, I'm really looking forward to working with medical cannabis cultivators around the world, especially in Israel and here at home in Canada" says Brad Moore, CEO of GCAC. "Our financial model is that as our cultivator's business grows, then our Cultivator SaaS revenues grow too. Added to this, I expect a significant network-effect with our SaaS approach, since all distributors downstream from our cultivators may also want contribute to a consumers cannabis lifecycle story by licensing our service."
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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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.
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