A Vancouver blockchain company is partnering with a leading veterans advocacy group to launch an application for medical cannabis education and rewards for thousands of veterans in Ohio.
Global Compliance Applications Corp. (APP:CSE; FUAPF:OTCQB; 2FA:FSA) is partnering with Veterans Ending the Stigma (VETS) to launch Citizen Green, which will also allow users to share treatment feedback with growers and brands and receive cannabis discount coupons as permitted by Ohio law.
The GCAC says there are an estimated 752,000 veterans in Ohio, and about 21,000 are registered with veteran status as medical cannabis patients. There are about 17.7 million veterans in the United States.
“Our collective goal is to help veterans understand their cannabis journey as part of their treatment of serious illnesses and provide them with access to funded cannabis through Citizen Green’s vouchers,” said VETS President Robert Kowalski.
The global medical cannabis market will reach $31.8 billion in 2022, according to research firm Research and Markets. It is expected to reach USD 57.4 billion by 2028, at a compound annual growth rate (CAGR) of 10.34%.
“Clinical studies, research and development (R&D) activities and commercialization of cannabis-based indications are further expected to catalyze the growth of the market,” wrote Research and Markets.
The global medical cannabis market will reach $31.8 billion in 2022, according to research firm Research and Markets. It is expected to reach $57.4 billion by 2028.
The app allows veterans to anonymously share their experiences with other vets and earn discount coupons on their cannabis purchases.
The digital coupon industry is also growing. 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.
The Catalyst: Empowering Vets
Under Citizen Green, cultivators post the history of their produce on GCAC’s Efixii blockchain and earn a tokenized reward, which can be shared with retailers to help offset the cost of non-fungible token (NFT) coupon discounts.
Users will receive free post-traumatic growth coaching online from former members of the Special Forces.
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.
Veterans Affairs Canada said the government was on track to spend nearly CA$200 million on medical cannabis for ex-service members by 2022.
“It’s a better way for them to sell their product to consumers,” said GCAC CEO Brad Moore.
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 purpose-built 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 store rewards programs and physical cards you might have in your wallet or dangling from your keychain right now.
Global market set to explode
Earlier this year, GCAC announced the launch of a new commercial app called Uplift. Merchants will be able to generate NFT 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 has also signed a definitive agreement to create an online portal to provide Canadian military veterans with cannabis grown on the Efixii blockchain.
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 2.36% or 5.29 million shares, CEO Moore with 2.12% or 4.75 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 cap of CA$3.32 million, with 223.86 million shares outstanding, 211.99 million of which are free float. It is trading in a 52-week range of CA$0.06 and $0.01.
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