GCAC First Commercial Software Sale Cash Deposit

Rhea-AI Summary

Global Cannabis Applications Corp. (CSE: APP, OTCQB: FUAPF) has marked a significant milestone by receiving its first cash deposit for the Efixii software, transitioning from a technology concept to a commercial product. Over five years, the company invested $6 million in developing Efixii, which now contributes to a robust balance sheet and an expanding customer base. CEO Brad Moore emphasized a focus on execution and growth, highlighting the company's ambition to enhance patient outcomes through advanced cannabis data solutions.

Positive

• Received first cash deposit for Efixii software, marking commercial transition.
• Five years of development of Efixii with $6 million in shareholder funds.
• Strong balance sheet and expanding customer base.
• Multi-million-dollar investments in 2021 enhancing sales pipeline.

Negative

• None.

Company Marks Transition from Technology Concept to Commercial Reality

VANCOUVER, British Columbia, March 30, 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, announced that a cash deposit was logged into the Company’s bank account today by a customer paying for its Efixii software.

The cash deposit moves GCAC’s Efixii product from being a technology concept to a fully-fledged commercial product. Previously, as an emerging software company, every quarterly MD&A filing showed ‘Total Quarterly Revenues’ of $Nil. Starting today, that ends. For 5 years the Efixii product was conceived, designed, patented and developed with $6m of shareholder funds and today, the Company has blossomed into a software licensor that customers are happy to pay for.

GCAC’s balance sheet has never been stronger, its customer base never larger and its software product suite never so complete. The multi-million-dollar investments already received in 2021 have empowered the Company to expand its sales pipeline, bring its drop-ship cannabis business-vertical to life and allow it to deliver best-in-class efficacy, transparency and compliance technology to cannabis cultivators, medical professionals and patients alike.

“Execution, execution, execution, it’s all about execution. We’ve had our bumps in the road getting here but never lost sight of our vision - ‘better patient outcomes’. The metamorphosis from concept to reality has been realized. Our current financial position, our near-term execution plan and our unrelenting drive makes this the most exciting time for GCAC since I took over in February 2016. And, so now we grow, grow, grow,” stated Brad Moore, Chief Executive Officer of the Company.

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 significance of the cash deposit for FUAPF?

The cash deposit signifies the transition of Efixii from a technology concept to a commercial product, marking the end of prior periods with $Nil quarterly revenues.

How much has Global Cannabis Applications Corp. invested in Efixii?

Global Cannabis Applications Corp. has invested $6 million in the development of the Efixii software over five years.

What does the Efixii product offer GCAC's customers?

Efixii offers a robust compliance and data platform for the medical cannabis industry, enhancing transparency and efficiency for cultivators and medical professionals.

How is GCAC's financial position described in the press release?

GCAC has a strong balance sheet and a larger customer base, making it well-positioned for growth and expansion in the cannabis market.