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Blockchain Co. signs an agreement with an insurance company

Blockchain Co.  signs an agreement with an insurance company

Global Compliance Applications Corp. signs an agreement with a South African insurance company to enter the expanding cannabis industry in that country.


Blockchain company from Vancouver Global Compliance Applications Corp. (APP:CSE; FUAPF:OTCQB; 2FA:FSA) signed an agreement with a South African insurance company to join the growing cannabis industry in that country.

GCAC has entered into a share sale agreement under which it will acquire a 33% interest in a special purpose vehicle (SPV) from Blue Anchor Risk Solutions (Pty) Ltd. called Blue Anchor 420 SPV (Pty) Ltd.

The global cannabis market is expected to grow from US$25 billion in 2021 to US$150 billion by 2031, at a compound annual growth rate of 20.5% between 2022 and 2031, according to a report by JC Market Research published on this week.

The South African government estimates that the cannabis industry is worth around 28 billion rand (South African currency), which could create between 10,000 and 25,000 jobs.

The South African government estimates that the cannabis industry is worth around 28 billion rand (South African currency), which could create between 10,000 and 25,000 jobs.

A 2018 court ruling decriminalized the private use, possession and cultivation of cannabis, and President Cyril Ramaphosa said earlier this year that the country should get involved in the industry.

“With the change in government policy, the demand for medical marijuana is also on the rise,” Grand View Research said in a report. “Many of the countries that have legalized the use of medical marijuana are also paving the way for its cultivation to reduce imports and generate tax revenue. This, in turn, has created jobs in the industry and many more companies are moving into the territory.”

According to GCAC, Blue Anchor 420 is the only cannabis insurance specialist in South Africa.

The GCAC Efixii application and the blockchain allow farmers to receive feedback from buyers and offer them digital rewards in return.

The company has also signed an exclusive reselling agreement with Efixii Africa, a subsidiary of Blue Anchor 420 SPV. GCAC will receive a $230,000 commission from Efixii Africa for licensing its software to local cannabis growers.

For a 33% stake in the SPV, GCAC will pay Blue Anchor $200,000 in shares at $0.05 per share. These payment shares will be subject to a four-month holding period after the completion of the transaction.

Catalyst

Medical marijuana is now legal in 38 US states and the District of Columbia, and cannabis is legal for all adults in 21 states and the District of Columbia.

Research shows that medical marijuana can be used to treat symptoms of chronic pain, chemotherapy-induced nausea, Parkinson’s, Alzheimer’s, and other neurological conditions.

The GCAC Efixii application allows manufacturers to have a direct relationship with end users as well as verify the purity of their products. With a QR code, a manufacturer can provide stories about their products that are available to anyone with an app and a smartphone – where it was grown, its genetic makeup and reviews from other consumers. The consumer can share their feedback and receive rewards from the producer, such as non-fungible tokens (NFTs).

GCAC is also partnering with EMTRI Corp., a leading cannabis marketing and advisory agency that issues electronic money tokens (EMT) to farmers on the GCAC blockchain. EMTRI and GCAC announced last week that they have launched EMT trading on Uniswap, providing liquidity to EMT holders.

The program will record these things for South African growers at every stage from genetics to planting, from harvest to distribution.

“This is the best way for them to sell their products to consumers,” said GCAC CEO Brad Moore. Street maven reports.

Markets are opening up as attitudes towards cannabis continue to change. US President Joe Biden recently granted federal pardons to thousands of people charged with mere possession of marijuana.

And another non-psychoactive substance in cannabis, cannabidiol (CBD), is used for skin care, anxiety, seizures, and pain relief. According to a report by The Insight Partners, the CBD market is expected to grow from $2.42 billion in 2021 to $15.66 billion by 2028.

Blockchain

The Ethereum blockchain that Efixii is working on is an electronic distributed ledger system where no entity, such as 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. It has the ability to create NFTs.

Moore believes that many everyday electronic items will eventually be merged into the blockchain, such as all your store rewards programs and other physical cards that you might have in your wallet or dangle from your keychain right now.

For manufacturers and their customers, this will allow them to connect directly, even when other intermediaries are involved in transactions.

GCAC is also partnering with EMTRI Corp., a leading cannabis marketing and advisory agency that issues electronic money tokens (EMT) to farmers on the GCAC blockchain. EMTRI and GCAC announced last week that they have launched EMT trading on Uniswap, providing liquidity to EMT holders.

“They’re the last to get anything,” EMTRI CEO Eric Kennedy said of the farmers during a recent interview with Moore. “They put everything in first. So we are very grateful to them. . . This is something completely new, something like this has never happened before. This is a breakthrough.”

Ownership structure and shares

GCAC’s top shareholders include Chief Financial Officer and Director Alexander Helmel with 2.57% or 5.29 million shares, CEO Moore with 2.54% or 5.25 million shares, Hanan Gelbendorf with 0.81% or 1.67 million shares and director Geoffrey Hayzlett with 0.08% or 0.16 million shares. .

The company has a market capitalization of 5.01 million Canadian dollars and 206.2 million shares outstanding, 193.9 million of which are free float. It trades in a 52-week range of CAD 0.075 to CAD 0.015.


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Information disclosure:
1) Steve Sobeck wrote this article for Streetwise Reports LLC. He or members of his family own securities in the following companies mentioned in the article: None. He or his family members are paid by the following companies mentioned in this article: None.

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