GCAC Announces Health Canada Medical Cannabis Sales License

Rhea-AI Summary

Global Cannabis Applications Corp. (CSE: APP, OTCQB: FUAPF) announced the launch of a Health Canada Cannabis-Consultation feature for its Efixii platform. This feature enables patients to obtain medical cannabis prescriptions from licensed practitioners via in-app consultations. GCAC is in the process of acquiring a Medical Sales License to operate as a non-possession cannabis retailer, enhancing accessibility to medical cannabis in Canada’s $600 million market. The company secured $1 million in funding for this initiative, with plans to utilize a dropship model for certified products.

Positive

• Launch of Cannabis-Consultation feature on Efixii platform enhancing patient access to medical cannabis.
• Secured $1 million in funding to acquire Medical Sales License and establish retail dropship web shop.
• Partnership with Purity-IQ ensures quality and authenticity of medical cannabis products.

Negative

• None.

Efixii App Gains Health Canada Cannabis-Consultation Feature for $600 Million Market

VANCOUVER, British Columbia, Feb. 04, 2021 (GLOBE NEWSWIRE) -- 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, today announced it has commenced the licensing process to become a Health Canada Medical Sales License holder under the Cannabis Act. GCAC will operate as a non-possession cannabis retailer that connects buyers to cultivators via Health Canada practitioners using a retail dropship model.

GCAC developed a new Cannabis-Consultation service for Efixii, where patients request an in-app consultation for medical cannabis with a registered Health Canada practitioner. Then, in accordance with the Cannabis Act, the practitioner prepares the patient’s official Medical Document and sends to the GCAC shop where the patient orders Efixii-certified medical cannabis.

GCAC’s recent funding of $1 million dollars will be used to acquire a Medical Sales License and establish a retail dropship web shop. GCAC’s prior agreement with Purity-IQ means that the Efixii shop dropships trustworthy, certified medical cannabis, thereby ensuring better patient outcomes.

Canada is the world’s largest federally regulated market for medical cannabis, with $600 million in medical cannabis sales per year [1]. However, only 37% of Canadians using cannabis for medical purposes have a Health Canada Medical Document from a health-care practitioner [2]. Efixii changes that by making Medical Documents easier to acquire, from the comfort of your own home, and by also offering the highest quality, Efixii-certified medical cannabis direct to patients.

Brad Moore, CEO of GCAC said, “We know that Efixii ensures transparency from seed to sale but we’re acutely aware of both the lack of trust and difficulty in acquiring consistent medical cannabis. That’s why we developed our proprietary in-app health-care concept. It combines Efixii-certified cultivators powered by Purity-IQ’s Cannabis Authenticity & Purity Standard (CAPS), which also requires brands to conduct batch-to-batch scientific and proprietary fingerprint matching, to deliver the best, safest and consistent medical cannabis experience for all Canadians.”

“Our retail dropship platform delivers a new GCAC revenue stream, as we will mark-up our wholesale cannabis pricing. And the Efixii health-care practitioner feature will serve to drive cultivators to adopt, and SaaS license, the Efixii-certified transparency standard,” continued Brad.

GCAC’s cannabis data is the intellectual property (“IP”) of GCAC. The 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.

[1] https://mjbizdaily.com/medical-cannabis-registrations-surge-in-canada-amid-pandemic/
[2] https://mjbizdaily.com/access-barriers-stall-canadian-medical-cannabis-market/

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.

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.

FAQ

What is the new feature launched by Global Cannabis Applications Corp. for Efixii?

The new feature allows patients to request consultations with Health Canada practitioners for obtaining medical cannabis prescriptions via the Efixii app.

What is the significance of the $1 million funding for GCAC?

The funding will be used to acquire a Medical Sales License and establish a retail dropship web shop for cannabis products.

How does GCAC's Efixii platform ensure quality in medical cannabis?

The platform collaborates with Purity-IQ to guarantee the authenticity and quality of medical cannabis through certified cultivation practices.

What is the market potential for medical cannabis in Canada?

Canada's medical cannabis market is valued at $600 million, with significant demand for accessible medical cannabis solutions.

What business model will GCAC adopt for the retail of medical cannabis?

GCAC will operate as a non-possession cannabis retailer using a dropship model to connect buyers with cultivators.