GCAC and Genetica New Data Sharing Partnership to Provide Best in Class Recommendations for Retail Cannabis Consumers
Vancouver, British Columbia, Canada, June 28, 2022 – 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 announce that Genetica (“GEN”) and GCAC will be partnering to create a Definitive Agreement to develop new data insights and better product recommendations to the consumer from intelligence on the plant journey through the supply chain to the consumer, as well as provide feedback recommendations to the grower.
Genetica is home to Flora AI™, the first AI of its kind for cannabis-derived products. Flora represents a data pool of over 650 million sources utilized in real time to scientifically select the best product recommendations for individual consumers.
GCAC and Genetica agree to a Trade Agreement for the initial data to be valued at USD$120,000 to each party. The partnership will enable both parties to develop a strategic licensing plan to analyze anonymized, jointly transaction-level data to improve recommendations at both ends of the supply chain. This initiative will focus on retail opportunities in North America, starting with GCAC’s offering to Canadian military veterans . Over 15,000 veterans in Canada are licensed to use medical cannabis, with the cost of their prescription, CAD$8.50, covered as per Veterans Affairs’ policies.
GCAC will be making available data collected from its technologies; Efixii, clearESG and Prescriptii. Prescriptii is built on an advanced algorithm analyzing over 600,000 verified data points of widely available strains for 80+ medical conditions. Genetica will provide over 100 million data points to be combined with Prescriptii's data to launch the veteran's storefront. In addition, as more veterans use the storefront, Efixii will add cultivation and their feedback data to this stack. The partnership could see the data points increase to over 600 million within 90 days.
Richard Neal, Genetica Chief Science Officer, “As an industry, retailers recognize the importance of better educating the patient/consumer. We are past the legacy marketing points of either Sativa or Indica. By working with GCAC on providing the best to Canada's veterans, we will improve our recommendations by including intel from the source of the product journey and consumer feedback in real time. This partnership creates a powerhouse of true cannabis knowledge.”
Genetica offers an interface, Flora AI, for both consumers and budtenders that merges data science and AI to predict which cannabis/hemp products will perform best for each individual, based on their needs and desires. By removing brand and product bias from the recommendations given to consumers, Genetica has created the first interface that goes far, far beyond a simple matching algorithm to give consumers the transparency and confidence they deserve when purchasing these products.
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, 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 become the world’s largest cannabis efficacy data provider.
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.