Company Signs $500,000 LOI with EMTRI Group
Vancouver, British Columbia, Canada, October 21, 2021 – Global Cannabis Applications Corp. ("GCAC" or the "Company") (CSE: APP, FSE: 2FA, OTCQB: FUAPF), a leading medical cannabis chain-of-custody compliance and data platform, announced today that it has signed a letter of intent (“LOI”) to form a sales, marketing and blockchain lending partnership with EMTRI Group.
The EMTRI Group (“EMTRI”) provides branding and retail marketing services to regulated cannabis cultivators in the epicenter of cannabis farming in the California, Mendocino, Humboldt, and Trinity counties, known as cannabis’s Emerald Triangle. More than 20,000 cultivators produce over 750 million grams of cannabis each year in the Emerald Triangle.
GCAC’s token technology is licensed by EMTRI to expand its cultivator services by establishing a cannabis bank (the “Bank”) using GCAC’s Ethereum layer-2 blockchain. Cultivators stake their cannabis to the Bank to be sold to licensed distributors with supported by the marketing and branding services provided by EMTRI. The Bank pays cultivators deposit-interest in EMTRI-tokens while they wait for regulated distributors to sell their products.
Under the agreement, GCAC will provide software development and implementation services to EMTRI to customize the Efixxi technology for a one-time fee of US$500,000, to be earned over a three-month period commencing December 2021, plus a perpetual revenue share of EMTRI’s QR-code sales to cultivators. Efixii technology will be expanded to reward cultivators with EMTRI-tokens for cannabis lifecycle steps captured using the Efixii app. Efixii will also be configured so EMTRI rewards its cannabis consumers with EMTRI-tokens for their efficacy feedback.
EMTRI co-founder Scott Zarnes stated, "Our partnership with GCAC is perfect for all the Emerald Triangle cultivators looking for a cost effective and efficient solution to compliantly manage their grows using a simple app-based system”.
"Efixii gives us a great platform to leverage our cultivators grow-data in real time, allowing us to deliver a standardized and safe cannabis experience for patients and recreational consumers. Using EMTRI-tokens as funding, lifecycle and consumption incentives for cultivators and consumers is a win-win, as they both earn EMTRI tokens for their efforts, further aligning our farmer with our consumer”, stated EMTRI CEO’s Eric Kennedy.
Cannabis data captured using Efixii is the intellectual property (“IP”) of GCAC. This IP creates an inherent difficulty in replicating or competing with GCAC’s 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 the EMTRI Group “EMTRI”
EMTRI represents the very best and gold standard of sun grown and mixed light cannabis cultivation. EMTRI provides its members with new age communicational tools and actionable resources that empower, shape and maximize returns on their investments. They understand the unique position to farm and cultivate cannabis by building turnkey strategies, synergies, frameworks, and service roadmaps to increase value at every organizational level. To learn more about EMTRI, please visit https://theemtriagency.com/.
About Global Cannabis Applications Corp. “GCAC”
GCAC 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.
For more Company information, please visit www.cannappscorp.com, or review its profiles on www.sedar.com and on the Canadian Securities Exchange's website www.thecse.com.
Press Contact
Phone: +1 (800) 409-5679
Email: info@cannappscorp.com
Forward-Looking Information
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.
Copyright (c) 2021 TheNewswire - All rights reserved.
