01:37:46 EDT Tue 21 Mar 2023
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Global Cannabis Applications Corp
Symbol APP
Shares Issued 174,127,509
Close 2021-09-02 C$ 0.065
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Global Cannabis buys back Defi marketing token

2021-09-02 11:23 ET - News Release

Mr. Brad Moore reports


Global Cannabis Applications Corp. has used a percentage of its quarterly revenues to buy back its token on Uniswap as part of its marketing campaign aimed at the one-million-decentralized-finance-user community.

"First and foremost, we are blockchain. I'm delighted to continue to promote our company amongst the Defi [decentralized finance] community. We now have 342 holders of the GCAC token who are a critical part of our strategy to fund Canadian cannabis grows -- who will license Efixii. Every day, we see this excitement grow on a vibrant telegram @GCACToken channel. Working collaboratively with these folks was made clear in our recent NFT [non-fungible token] press release and, as such, we will continue to buy back tokens which increases our balance sheet exposure to the ether cryptocurrency," stated Brad Moore, chief executive officer.

Company believes that the Defi community is a key market demographic, as it comprises consumers that have disposable income, are under 34 years old and increasingly drawn to the use of cannabis products. This multiyear marketing campaign aims to raise awareness of Global Cannabis by engaging in a Defi token buyback program on the ethereum and binance smart chain blockchains.

The company is publicly traded with audited financials and makes accurate revenue disclosures. Global Cannabis has committed to a token buyback spend of at least 1 per cent of its quarterly revenues. Each token buy should lead to greater awareness of the company. This quarter's buyback was $2,000 (U.S.).

Prior to the buyback, Global Cannabis tokens were trading at $5.12 on Uniswap and $4.51 on Pancakeswap. On April 8, 2021, the company acquired 100,000 tokens for 20 cents each and this buyback adds approximately 350 ether cryptocurrency denominated tokens to the company's balance sheet. On April 8, 2021, ether cryptocurrency was trading at $2,081 (U.S.) and today is trading at $3,500 (U.S.).

The Uniswap Global Cannabis marketing token is built and operated by Abbey Technology.

About Global Cannabis Applications Corp.

Global Cannabis is a global leader in designing, developing, software-as-a-service 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, regulatory technology, smart databases, ethereum blockchain and Global Cannabis 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, Global Cannabis is focused on generating revenue from software-as-a-service licensing its technology and acquiring high-quality cannabis datasets that improve patient outcomes and to become the world's largest cannabis efficacy data provider.

We seek Safe Harbor.

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