Medical cannabis retail sales platform Global Cannabis Applications Corp. (CSE:APP) (FSE:2FA) (OTCQB:FUAPF) announced it has entered into a CA$1.8 million($14.2 million) two year unsecured promissory note dated February 1, 2022, with Abbey Technology GmbH.
A portion of the funding is expected to be used in creating, operating, and promoting GCAC’s online medical cannabis retail sales portal, pursuant to the company having been issued a Health Canada Medical Cannabis Sales license on January 28, 2022.
"We’ve been expanding our proprietary blockchain Seed-To-Seed Efixii platform since licensing the underlying Tracelocker software from Abbey in August 2020," GCAC's CEO, Brad Moore stated. "Now, I believe that we own the most comprehensive technology stack in the cannabis industry, as seen in the recently approved global patent application for Efixii. We’re delighted to have secured a funding partner that believes in this vision and sees the opportunity that Efixii and our Health Canada license offers in growing revenue in 2022 and 2023.”
The note bears interest at 5% per annum, and the principal and interest are due and payable at maturity on February 1, 2024. In addition, the company expects to make certain payments to Abbey from a percentage of monthly sales of cannabis on the Company's medical cannabis retail sales portal. These payments may be used to pay down any outstanding principal on a monthly basis. The note will automatically terminate when the full amount of outstanding principal and interest is paid prior to the maturity date.
“As a partner of, and investor in, GCAC, I feel that Brad and team have consistently delivered over the last 18 months. Even when Brad went through his cancer battle in 2020, he led the team, continuing to deliver and exceed their goals. I believe that funding this business's expansion into the retail sales sector of medical cannabis will allow them to accelerate their path to serious revenues.” Brian Collins, CEO of Abbey Technology stated.
