Blockchain company Global Compliance Applications Corp. (APP:CSE; FUAPF:OTCQB; 2FA:FSA) is launching a new consumer app to allow brands to generate digital token vouchers that can be stored in digital wallets.
Uplift will replace the Vancouver-based company’s current consumer version of the Efixii blockchain platform. Merchants will be able to generate NFT (non-fungible token) vouchers and send them directly to the virtual wallets of consumers on the platform, who will be able to share these vouchers with others.
The company said Uplift will begin work on its new medical cannabis joint venture for veterans, Citizen Green, and then move on to other products.
“Uplift is the king of Efixii,” said GCAC CEO Brad Moore. “From (Citizen Green), we will expand to other consumer products that can be couponed and add value to your life and that of your family and friends.”
More than 142 million US adults redeemed digital coupons in 2020, with digital coupon redemption value reaching $91 billion in 2022, according to Loyal Guru.
“Digital coupon redemptions in the U.S. surpassed paper coupon redemptions for the first time in (second quarter) 2020,” the site noted.
Uplift will be available to retail consumers in North America, Australia and other select regions in April, following approval by both Apple and Android for their app stores.
The app will allow users to invite friends, provide dynamic product feedback and share their NFT coupons with others, leading to additional downloads of the app.
The catalyst: Direct relationships with consumers
In addition to vouchers, GCAC’s Efixii platform enables brands to have direct relationships with end consumers, as well as verify the origin of their products. Via a QR code, for example, a medical marijuana grower can provide stories about their product that are accessible to anyone with the app and a smartphone—where it was grown, its genetic makeup, and feedback from other consumers.
The consumer can share their own feedback and get rewards from the grower, like NFTs.
“It’s a better way for them to sell their product to consumers,” Moore said.
The Ethereum blockchain that Uplift and Efixii work on is an electronic distributed ledger system where no one entity, such as a bank, is in control. Blockchains are best known for their role in cryptocurrency systems, but they can be used for any database – such as agricultural records and customer interactions.
GCAC launched Efixii in 2020 with its own Layer 2 Ethereum blockchain. From April 2023, companies using Efixii will be able to generate discount coupons in the form of NFTs for their feedback customers.
Moore believes many everyday electronic items will eventually be consolidated into the blockchain, like all your store rewards programs and the other physical cards you might have in your wallet or dangling from your keychain right now.
For growers and their customers, it will enable them to connect directly, even when there are other intermediaries involved in the transactions.
Online portal to serve veterinarians
Earlier this month, GCAC announced that it signed a definitive agreement with COMSOL PPV Telecom and Citizen Green Ventures Inc. to create an online portal to provide Canadian military veterans with cannabis grown on the Efixii blockchain.
GCAC will retain 51% of Citizen Green and provide the blockchain for cannabis cultivation. Comsol will earn 49% by providing a digital storefront, online training and sales and marketing support.
Under an interim agreement between the companies, Canadian veterans will begin purchasing cannabis immediately. GCAC said 81 veterans are pre-registered to receive services through Citizen Green, and Citizen Green has entered into an agreement with the Special Forces Experience organization to enroll 800 veterans this year and provide them with free online post-traumatic growth classes. Interested veterans can read more here.
Veterans Affairs Canada said the government was on track to spend nearly CA$200 million on medical cannabis for ex-service members by 2022.
The global cannabis market is expected to grow from US$25 billion in 2021 to US$150 billion by 2031, a compound annual growth rate of 20.5% between 2022 and 2031, JC Market Research said in a report released last year.
Medical marijuana is now legal in 37 US states and the District of Columbia, and cannabis is legal for all adults in 21 states and DC, according to the National Conference of State Legislators. Cannabis is also legal for adults in Canada.
Studies show that medical marijuana can be used to treat symptoms of chronic pain, chemotherapy-induced nausea, Parkinson’s, Alzheimer’s and other neurological diseases.
Ownership and share structure
About 5% of the company is owned by insiders, including CFO Alexander Helmel with 2.39% or 5.29 million shares, CEO Moore with 2.14% or 4.75 million shares, product manager Hanan Gelbendorf with 0.75% or 1 .67 million shares, and director Jeffrey Hayzlett with 0.07% or 0.16 million shares, according to Reuters.
The rest is retail.
The company has a market capitalization of $5.16 million, with 221.6 million shares outstanding, 209.7 million of which are free float. It is trading in a 52-week range of CA$0.07 and $0.01.
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1) Steve Sobek wrote this article for Streetwise Reports LLC. He or members of his household own securities in the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
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