Global Cannabis Applications Corp (OTCMKTS:FUAPF) has announced a three-year definitive software licensing agreement with Malta-based medical cannabis grower Herb Industries Ltd. Grams cultivated are projected to be 44M in 2022 and around 66M in 2023.
Herb to use Efixii platform
According to the agreement, GCAC will license its Citizen Green Efixii platform as part of the Herb technology farm for use in consumer transparency and cannabis compliance. Herb Industries employs an advanced-growth method and handles production lifecycles from cannabis nursery, genetics, extraction, and onsite ISO laboratory. It has a Maltese government license for its 12,000 square meters facility. They will export manufacturing lines to EU markets for pharmaceuticals liquids, semi-solids, solids cosmetics, edibles, and flowers.
GCAC has a software as a service license model which meets the needs of grower s scaling. The GCAC Efixii QR-code represents cannabis lifecycle steps and can be scanned by medical professionals, regulators, consumers, and customs officials to ensure they are up to standards. Most importantly, GCAC charges a one-time configuration fee of $12,500, $50 per registered worker per month for AML/KYC, $75 per retail product for consumer Efficacy-QR-code fee, and $75 export fee per cannabis batch.
Brad Moore, GCAC CEO, said that the 44M grams next year and 66M grams afterward will be a massive revenue opportunity for the company. Moore said that they are delighted that several EU consumers do trust their Efixii QR-codes to give them insight that what they are ingesting is a safe and quality product.
GCAC receives payment for Efixii tech
GCAC recently announced receipt of a cash deposit by a client paying for the Efixii software. The cash deposit means that the company’s product has been moved from a technology concept to a commercial product. In the past, the company that prides itself as a software company has been reporting $Nil quarterly revenue but is now in the past. The company has transitioned to a software licensor. This year, several investments have empowered GCAC to enhance its sales pipeline and reinvigorate its cannabis business vertical compliance and transparency tech delivery to clients.