GCAC Receives Opinion from the Bank of Lithuania Citizen Green Token Deemed a Utility Token
Vancouver, British Columbia, Canada / TheNewswire / May 29, 2018 – Global Cannabis Applications Corp. (“GCAC” or the “Company”) (CSE: APP, FSE:2FA, OTCQB: FUAPF), a leading developer of innovative data technologies for the cannabis industry, is pleased to announce that it has received an Opinion Provision from the Bank of Lithuania concluding the Citizen Green token (CGT) is not a security. The official letter received from Bank of Lithuania’s Supervision Service states: Taking into account the fact that the issued tokens do not grant their holders any property and non-property rights, related to the revenues or control of the Company, and do not create any obligations with respect to token holders, such type tokens should not be deemed to be securities.
“The opinion letter from the Bank of Lithuania Supervision Service is an independent validation that our token ecosystem is a utility and not a security,” said GCAC CEO Brad Moore. “We have an international team of experts working to implement a token economy that will facilitate the collection and use of medical cannabis data to benefit the global cannabis industry in a fully compliant way. Our blockchain platform is designed to collect medical data, add value to the data with artificial intelligence (AI) and then provide that data to the medical cannabis industry so they can develop better products with the goal of better outcomes for patients.”
GCAC Europe, a wholly owned subsidiary of GCAC, applied to have the Bank of Lithuania analyse the GCAC token model and functions, and evaluate if the token has the features of a security or other financial instrument. The Bank of Lithuania is a part of the Eurosystem and cooperates with the European Central Bank and other Euro central banks to make decisions on monetary policy and its implementation. It examined the GCAC business model, CGT token functions, White Paper and supporting materials and deemed the token to be a utility.
GCAC is finalizing the launch of its own CGT as the basis of a medical cannabis loyalty program. The CGT is an important part of Citizen Green data platform, the world’s first end to-end data aggregation and user delivery system for the medical cannabis industry. This is a unique model where the token is used to reward participants of the GCAC medical cannabis ecosystem in a verifiable and fair manner. Furthermore, the CGT will be used as an access token, enabling users to acquire AI analysed data, receive discounts on purchases and access a full range of medical cannabis services.
Lithuania is a leading European jurisdiction with respect to blockchain and cryptocurrencies. Blockchain distributed ledger technologies are being supported at senior governmental levels by the Ministry of Finance and the Bank of Lithuania. The Bank of Lithuania is developing a blockchain platform and has created an infrastructure to test new technology within a well-defined environment. The Lithuanian Centre of Registers is implementing an immutable blockchain enabling companies to be remotely managed and share transactions with full transparency.
Global Cannabis Applications Corp. is a global leader in designing, developing, marketing and acquiring innovative data technologies for the cannabis industry. The Citizen Green platform is the world’s first end-to-end – from patient to regulator – medical cannabis data solution. It uses six core technologies: mobile applications, artificial intelligence, regtech, smart databases, blockchain and digital reward tokens, to qualify candidates for clinical studies. These technologies facilitate the proliferation of digital conversations by like-minded people in the medical cannabis community. Managed by digital and cannabis industry experts, GCAC is focused on viral global expansion by providing the best digital experience in the cannabis market.
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