GCAC to Give Back to its Shareholders by an ‘Enforcement of Security’ for a Delinquent $5M Debt Owed to Company

Vancouver, British Columbia, Canada, March 11, 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, today announced it is finalizing enforcement proceedings with respect to its security of a loan of CAD $4,927,075 owing to the Company by Blockshine Technology Corporation (the “Borrower”) and Samuel Xue Lee (the “Guarantor”).

The loan was made pursuant to a loan agreement dated April 6, 2018 and secured by Guarantor with 13,636,363 shares of the Company (the “Secured Shares”). Following the completion of the enforcement action, the Guarantors Secured Shares will be returned to the Company treasury for cancellation. This share cancellation represents a reduction of 7.3% in the issued and outstanding shares of Company, thereby increasing the value held by our shareholders by 7.3% [1].

“The requirement to enforce our right to the security was unfortunate, however, the Company is well secured with the Secured Shares having an approximate value equivalent to the loan amount outstanding and reducing the outstanding float directly benefits our awesome shareholders” stated Brad Moore, Chief Executive Officer of the Company