Vancouver, British Columbia, Canada, January 11, 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, announced it has further developed its Efixii software-as-a-service solution to help cannabis companies share their Environmental, Social and Governance metrics with customers, the community and investors.
“Blockchain truths are the core of Efixii, and this transformational technology allowed us to expand our patented software to capture ESG metrics in a transparent way. Efixii can now help cultivators with the challenges of implementing sustainability goals which not only helps our clients, but also makes a positive impact in the world” says GCAC’s CEO, Brad Moore.
ESG (Environmental, Social and Governance) is a process by which a company shares with the public how they are working to meet the United Nations Sustainability goals. According to KPMG Survey of Sustainability Reporting 2020, ‘80% of companies worldwide now report on sustainability’ . For example on January 5, 2022, Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) announced the release of its Environmental, Social, and Governance Report  that outlined their path towards responsible and sustainable growth.
ESG goals include reducing waste footprint, incorporating recycled paper and plastics, water and power conservation, social equity, board diversity and contributions to the community. Stated Moore, “The power of blockchain allows us to share ESG documentation and verification for each representation in a seamless way that enhances disclosure and prevents green washing”.
ESG also helps companies reduce risk for their insurance providers. Finally, 79% of consumers are changing their purchase preferences based on the brands ESG impact . Efixii ESG presentations will be available in thirty days as regional launch plans are forthcoming.
Cannabis data captured using Efixii is the intellectual property (“IP”) of GCAC. This IP creates an inherent difficulty in replicating or competing with GCAC’s cannabis datasets. GCAC defined its protocols in a U.S. patent application, ‘System of Process and Tracking Cannabis Products and Associated Method Using Blockchain’ filed with the USPTO on Dec. 17, 2020.
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, 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.
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.