Blockchain company Global Compliance Applications Corp. (APP:CSE; FUAPF:OTCQB; 2FA:FSA) is launching a new consumer app that allows brands to generate digital token coupons that can be stored in digital wallets.
Uplift will replace the current consumer version of the Vancouver-based company’s Efixii blockchain platform. Merchants will be able to generate non-fungible token (NFT) coupons and send them directly to the virtual wallets of consumers on the platform who can share these coupons with others.
Uplift will begin working with Citizen Green, a new medical cannabis joint venture for veterans, before moving on to other products, the company said.
“Uplift is the king of Efixii,” said GCAC CEO Brad Moore. “We will expand from (Citizen Green) to other consumer products that are couponable and add value to his life and the lives of 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 exceeded paper coupon redemptions in the US 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, subject to approval by Apple and Android for their app stores.
The app allows users to invite friends, provide dynamic product feedback, and share their NFT coupons with others to drive more app downloads.
The catalyst: direct relationships with consumers
In addition to coupons, GCAC’s Efixii platform allows brands to connect directly with end users and verify the origin of their products. Through a QR code, for example, a medical marijuana grower can share stories about their products that are accessible to anyone with an app and a smartphone—where they were grown, with what genetic makeup, and feedback from other consumers.
The consumer can share their own feedback and receive rewards from the producer such as NFTs.
“It’s a better way for them to sell their products to consumers,” Moore said.
The Ethereum blockchain, which Uplift and Efixii work on, is an electronic distributed ledger system where no one can control it, such as a bank. 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 can generate discount coupons in the form of NFTs for their feedback customers.
Moore believes that many everyday electronics will be integrated into the blockchain, as will rewards programs for stores and other physical cards that may currently be in your wallet or on your key chain.
It allows producers and their customers to connect directly, even if other intermediaries are involved in the transactions.
Online portal to serve veterinarians
Earlier this month, GCAC announced that it had signed a definitive agreement with COMSOL PPV Telecom and Citizen Green Ventures Inc. to create an online portal to provide cannabis grown on the Efixii blockchain to Canadian military veterans.
GCAC holds 51% of Citizen Green and provides the blockchain for cannabis cultivation. Comsol will earn 49% by providing a digital storefront, online training, and sales and marketing support.
Under the interim agreement between the companies, Canadian veterans can begin purchasing cannabis immediately. According to GCAC, 81 veterans have pre-registered for Citizen Green’s services, and Citizen Green has an agreement with Special Forces Experience to enroll 800 veterans this year and provide them with free online post-traumatic growth courses. Interested veterans can read more here.
Veteran Affairs Canada said the government is on track to spend nearly C$200 million in 2022 on medical cannabis for ex-service members.
The global cannabis market is expected to grow from $25 billion in 2021 to $150 billion by 2031, representing a compound annual growth rate of 20.5% between 2022 and 2031, according to a report by JC Market Research released last year.
According to the National Conference of State Legislatures, 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. 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 disease, Alzheimer’s disease, and other neurological diseases.
Ownership and shareholding 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 0, with 75% or 1.67 million shares and Director Jeffrey. Hayzlett with 0.07% or 0.16M shares according to Reuters.
The rest is retail.
The company has a market capitalization of C$5.16 million and 221.6 million shares outstanding, of which 209.7 million are free float. It is trading in a 52-week range of CA$0.07 and CA$0.01.
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