VANCOUVER, BC / ACCESSWIRE / May 29, 2018 / Global Cannabis Applications Corp. ("GCAC" or the
"Company") (CNSX: 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.
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. 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.
For more information about the Company, please visit online at www.cannappscorp.com, or
review its profiles www.sedar.com and on the Canadian Securities Exchange's website
(www.thecse.com).
To schedule an interview, please contact:
Bradley Moore
Chief Executive Officer
Telephone: 514-5619091
Email: bmoore@cannappscorp.com
For more information, please contact:
Corporate Communications Canada & Europe
Telephone: 1.855.269.9554
Email: info@cannappscorp.com
www.cannappscorp.com
Corporate Communications United States
Hayden IR
Telephone: 1.917.658.7878
Email: hart@haydenir.com
Forward-Looking Information
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.
SOURCE: Global Cannabis Applications Corp.
