Global Cannabis Applications Corp (GCAC) (CSE:APP, FRA:2FA, OTCQB:FUAPF), a leading developer of innovative data technologies for the cannabis industry, is pleased to announce that Global Cannabis Apps Corporation (Australia) Pty. Ltd. (“GCAC Australia”), the Company’s 61% subsidiary in Australia, has secured an exclusive global license for Medical Cannabis Artificial Intelligence (“AI”) regulation technology with Australian-based Compliance Master … Continued
Global Cannabis Applications Corp (GCAC) (CSE:APP, FRA:2FA, OTCQB:FUAPF), a leading developer of innovative data technologies for the cannabis industry, is pleased to announce that Global Cannabis Apps Corporation (Australia) Pty. Ltd. (“GCAC Australia”), the Company’s 61% subsidiary in Australia, has secured an exclusive global license for Medical Cannabis Artificial Intelligence (“AI”) regulation technology with Australian-based Compliance Master International (“CMI”).
GCAC Australia will hold the exclusive global usage and distribution rights to ‘Cannabis Compliance AI’ – a cutting edge AI risk-based auditing and inspection technology to be rolled out to the global medical cannabis industry.
“We are very excited to be working with GCAC on this venture,” said CMI’s founder and Chief Executive Officer Peter Mills, who is a highly regarded Australian data scientist. “In particular, we see this as an unparalleled opportunity to establish our world-leading technology as the benchmark for managing regulatory risks in Australia and other countries with medical cannabis programs.”
One of the biggest challenges facing governments is establishing the necessary regulatory structures and processes needed to reliably monitor and control quality and supply-chain risks of medical cannabis, while reducing the costs and burden placed on cannabis product producers and the public at the same time.
“This is where our AI technology can be of significant benefit to the medical cannabis sector,” said Peter Mills. “Unlike other software solutions our risk-based auditing and inspection technology uses advanced statistical algorithms to quantitatively assess and control regulatory non-compliance risks within specified limits, or risk appetite. The software’s unique AI technology automatically focuses a producer’s limited monitoring and control activities on those areas of its operation that represent its highest risk exposure, while in-built data analytics significantly reduce the amount of time and effort needed to collect, analyze and report risk levels internally and externally – by up to 80%.”
Jason Webb, Chief Executive Officer of GCAC Australia says, “Our Cannabis Compliance AI is going to be transformative technology for the industry as it grows. Not only will it will help all participants from licensed producers to product producers monitor their regulatory requirements, it will save significant time and costs in regulation management, accelerate knowledge and facilitate unprecedented data sharing for the betterment of medical cannabis users.”
Brad Moore, Chief Executive Officer of GCAC states, “This technology will help cement GCAC as the go-to medical cannabis data company. At the front end, the AI will be extremely important in ensuring we collect the best data possible on products listed on our Prescriptii and CannaLife Apps. At the back end, the AI compliance technology will further help us establish our credentials as the most trusted source of data from regulator to retail.”
The ‘Cannabis Compliance AI’ will be a core component of the GCAC Blockchain and ICO. It is anticipated that the AI application will be very attractive to all spectrums of the medical cannabis industry and provide first revenue streams for GCAC Australia.
About Global Cannabis Applications Corp.
Global Cannabis Applications Corp. is a global leader in designing, developing, marketing, and acquiring innovative data technologies for the cannabis industry. Used globally, GCAC’s technologies facilitate the proliferation of digital conversations by like-minded people. Managed by digital and cannabis industry experts, GCAC is focused on viral global expansion by providing the best digital experience in the cannabis market.
For more information about the Company, please visit online at www.cannappscorp.com, or review its profiles on the SEDAR website (www.sedar.com and on the Canadian Securities Exchange’s website (www.thecse.com).
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This news release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of GCAC. Forward-looking information is based on certain key expectations and assumptions made by the management of GCAC. Although management of the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because GCAC can give no assurance that they will prove to be correct. Forward-looking statements contained in this news release are made as of the date of this news release. GCAC disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.
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