Global Cannabis Applications Corp., a leading developer of innovative data and AI technologies for the medical cannabis industry, announced that it has signed a letter of intent to partner with Cannabis Mercantile Trading Exchange (“CMTREX”), an award-winning Israeli company, which develops integrated trading solutions for the global wholesale trade of cannabis and hemp products, to set a framework for the future commercial collaboration.
The parties agreed to start the collaboration with the deployment of the GCAC’s blockchain layer into CMTREX trading platform to augment the authentication process of trading counterparties as well as provide validation of the products being traded through the CMTREX trading platform.
The two companies were both winners of prestigious awards at the Cannabiz World Summit in Malta this November. CMTREX won the Cannabiz World Pitch contest, and GCAC won the Best of AI for 2019 and was a runner-up for the BlockChain of the year award.
Commenting on the signing of the Letter of Intent, CMTREX CEO, Saul Singer stated that “the CMTREX trading platform is focused on providing authentication solutions and best trading practices for the global cannabis and hemp markets. As such, the integration of cutting-edge IT architecture and systems lies at the core of our business. We are thus excited about the prospects to work together with GCAC to continue to build-out our technology-driven trading platform and explore nominated avenues of mutual integration, collaboration, and commercialisation.”
“CMTREX’s integration into the Citizen Green blockchain adds huge value to GCAC as a cannabis data company. This partnership supercharges our ability to gather a vast array of data we will utilise, and commercialise, through AI outputs,” stated Mr. Brad Moore, GCAC’s CEO. “This joint offering will provide a crypto-based financing mechanism for expanding CMTREX listed companies and an integrated market platform where those same investors can purchase cannabis products & solutions, such as the Inteligenta watch, using a dedicated Citizen Green digital coin. Not only there will be revenues from user fees and transactional commissions but a quicker path to our goals of capturing consumer data.”
The Parties agree to act in goodwill, and due to the complex nature of the planned cooperation, agree to provide a clear timeline for the planned technology integration. Additionally, the Parties agree on a joint team effort related to the commercial need’s analysis, technical integration and testing.
About Medical Cannabiz World:
In November 2019, Medical Cannabiz World opened its doors to the medicinal cannabis industry, supported by the Maltese government’s commitment to legislation for this high growth sector. Medical Cannabiz World summit 2020 will focus on the Malta medical cannabis industry as well as global opportunities in the sector, attracting investors, medical researchers, policy makers and entrepreneurs looking to forge exciting new opportunities.