Blockchain company Global Compliance Applications Corp. (APP:CSE; FUAPF:OTCQB; 2FA:FSA) is launching a new consumer app to let brands generate digital token coupons that can be stored in digital wallets.
Uplift will replace the Vancouver-based company's current consumer version of its Efixii blockchain platform. Retailers will be able to generate non-fungible token (NFT) coupons and send them directly to the virtual wallets of consumers on the platform, who will be able to share those coupons with others.
The company said Uplift will start working with its new medical cannabis joint venture for veterans, Citizen Green, and then move to other products.
"Uplift is the kingmaker of Efixii," GCAC Chief Executive Officer Brad Moore said. "From (Citizen Green), we will expand into other consumer products that can be couponed and add value in their lives and those of family and friends."
More than 142 million United States adults redeemed digital coupons in 2020, with digital coupon redemption value reaching US$91 billion in 2022, according to Loyal Guru.
"The redemption of digital coupons in the U.S. surpassed the redemption of paper coupons for the first time in (the second quarter of) 2020," the site noted.
Uplift will be available to retail consumers in North America, Australia, and other select regions in April, upon approval from both Apple and Android for their app stores.
The app will allow users to invite friends, give dynamic product feedback, and share their NFT coupons with others, driving further downloads of the app.
The Catalyst: Direct Relationships With Consumers
In addition to coupons, 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 products that are available to anyone with the app and a smartphone — where it was grown, its genetic makeup, and feedback from other consumers.
The consumer can share feedback of their own 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, like a bank, has 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. As of April 2023, companies using Efixii will be able to generate discount coupons in the form of NFTs for its customers who provide feedback.
Moore thinks many everyday electronic items will be consolidated into the blockchain eventually, like all your rewards programs for stores 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 middlemen involved in the transactions.
Online Portal To Serve Vets
Earlier this month, GCAC announced 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 cultivated 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 be able to begin buying the 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 sign up 800 veterans this year and give them free online post-traumatic growth courses. 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 former service members in 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 U.S. 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.
Streetwise Ownership Overview*
Global Compliance Applications Corp. (APP:CSE; FUAPF:OTCQB; 2FA:FSA)
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 held by insiders, including Chief Financial Officer Alexander Helmel with 2.39% or 5.29 million shares, CEO Moore with 2.14% or 4.75 million shares, Product Lead 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 cap of CA$5.16 million, with 221.6 million shares outstanding, 209.7 million of them free-floating. It trades in a 52-week range of CA$0.07 and CA$0.01.
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1) Steve Sobek wrote this article for Streetwise Reports LLC. He or members of his household own securities of 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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