A Vancouver blockchain company is partnering with a leading veterans advocacy group to launch a medical cannabis education and reward application for thousands of vets in Ohio.
Global Compliance Applications Corp. (APP:CSE; FUAPF:OTCQB; 2FA:FSA) is teaming 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 allowed by Ohio law.
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 the 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 coupons," VETS President Robert Kowalski said.
The global medical cannabis market hit US$31.8 billion in 2022, according to research firm Research and Markets. It is expected to reach US$57.4 billion by 2028, with a compound annual growth rate (CAGR) of 10.34%.
"Clinical trials, research and development (R&D) activities and commercialization of cannabis-based indications are further expected to catalyze the growth of the market," Research and Markets wrote.
The global medical cannabis market hit US$31.8 billion in 2022, according to research firm Research and Markets. It is expected to reach US$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 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.
The Catalyst: Empowering Vets
Under Citizen Green, cultivators put the story of their products 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 get 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 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.
Veterans Affairs Canada said the government was on track to spend nearly CA$200 million on medical cannabis for former service members in 2022.
"It's a better way for them to sell their product to consumers," GCAC Chief Executive Officer Brad 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 purpose-built 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 rewards programs for stores 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 it was launching a new commercial app called Uplift. Retailers will be able to generate 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 has also signed a definitive agreement to create an online portal to provide Canadian military veterans with cannabis cultivated on the Efixii blockchain.
Veterans Affairs Canada said the government was on track to spend nearly CA$200 million on medical cannabis for former service members in 2022.
Streetwise Ownership Overview*
Global Compliance Applications Corp. (APP:CSE; FUAPF:OTCQB; 2FA:FSA)
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.
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 2.36% 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 them free-floating. It trades in a 52-week range of CA$0.06 and CA$0.01.
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