Vancouver, British Columbia, Canada, June 29, 2022 – Global Cannabis Applications Corp. ("GCAC" or the "Company") (CSE: APP, FSE: 2FA, OTCQB: FUAPF), a leading blockchain driven compliance and data platform announce that Bio-Sunn Technologies Inc. (“Bio-Sunn”) and GCAC have entered into a Letter of Intent (“LOI”) that enables processor Bio-Sunn to work with industrial and CBD hemp growers to develop premium products on a sustainable and transparent supply chain using the Company’s “Efixii” and “clearESG” software. The Definitive Agreement is to be signed no later than July 31, 2022.
In the LOI, Bio-Sunn represents it will be processing hemp for 1,000 farmers and distributors in 20 States and Canada through its production facility in North Dakota. To capture the data from the hemp supply chain, Bio-Sunn will acquire a Resale and a License to Use Agreement for the Company's Efixii and clearESG software. As part of Bio-Sunn’s non-exclusive right to resell agreement, farmers will pay a fee per QR code to use Efixii. A QR code is generated for farming attestations recorded on a blockchain. clearESG is offered to these farmers, for a monthly fee, to evidence supply chain sustainability reporting. For processing hemp into manufactured products, Bio-Sunn will also pay GCAC for both the use of Efixii and clearESG. Annual licensing fees for each farmer will average USD$2,000 per year for a 3 year contract to the Company. US hemp production was recently valued at USD$824 million in 2021 by the US Department of Agriculture .
CEO Bradley Moore stated, "GCAC is a true blockchain-driven supply chain app for agtech. We do three things really well; drive sales of premium products, fix supply chain issues fast and reward great partners who create great products. Our latest tech stack is one of the most advanced layer two Ethereum blockchains available and incredibly robust in helping people run real businesses . This deal with Bio-Sunn is the reason we made Efixii and clearESG.”
Says Lewis Bauer, Bio-Sunn CEO, "As an industry, we are delighted to partner with a technology company that will bring the rural hemp farmers into the conversation, and we will have "real documented ‘farm to table’ stories."
Efixii is licensed to farmers in a SaaS model and is a free-to-use app for industrial hemp and cannabis consumers. Efixii's cannabis data 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 US patent application, 'System of Process and Tracking Cannabis Products and Associated Method Using Blockchain’ filed with the USPTO on Dec. 17, 2020.
Bio-Sunn Technologies, Inc. (https://www.biosunn.com/) Is a leader in the industrial hemp industry in America. The Company was established in 1986 (they also built the first US industrial fiber plant and then relocated to Germany) and has gained a reputation as the Company to trust in this reemerging industry. They will be the largest diverse commodities plant which include industrial hemp processing in the Northern Hemisphere.
Bio-Sunn Technologies, Inc. headquartered in Nekoma, North Dakota with additional operations planned, is a driving force in the rapidly expanding industrial hemp industry. Bio-Sunn Technologies, Inc. is quickly bridging dynamic markets, spanning the value-added agriculture space highlighting the rapidly expanding industrial fiber composites arena.
Bio Mass Products and Services (a women owned Corp) has a Joint Venture with Bio Sunn which has created educational grants and new innovations. There ESG carbon offsets, soil regeneration, and global participation with women in agriculture brings about a new era in farming. Marla Rivera (CEO) states “this will be the first industrial hemp farmer’s Co-op of its kind across 20 states”. Based on her initial Co-op in 2017, she believes that tracking and tracing Hemp and the clearESG component, will be a historical bonus to America’s farmer story .
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.