Connect with us

Business

Global Cannabis Application Corp. (OTCMKTS: FUAPF) Boosts Balance Sheet Through DeFi Buyback Program

Published

on

Global Cannabis Application Corp. (OTCMKTS: FUAPF) has announced that Abbey Technology GmbH has completed its first GCAC decentralized finance “DeFi” tokens buyback on its behalf. 

Global Cannabis buys GCAC tokens.

Around 50% of the purchase took place on Uniswap.org, with the price increasing 8.3% to $17.31 from $15.99 after completion of the purchase. Also, the remaining tokens were purchased on Pancakeswap.finance, with the price moving up 37.5% to $24.26 from 417.65 following the completion of the purchase. Currently, Global Cannabis’s treasury GCAC tokens holdings are 100,550.8 with a market-to-market value of CA$2.095 million. 

Brad Moore, GCAC’s CEO, said, “We went into the Cross-Fi program with one goal-raise awareness to a new class of investor that is both a user of medical cannabis and crypto. Today this buyback is the execution of that plan, with those tokens adding to our existing 100K. After careful deliberation our management team decide that there was no other way we could make such a nominal investment and get such a huge return in opportunity, brand awareness, new investors and added asset value to the balance sheet.”

Global Cannabis closes non-brokered private placement 

Recently, the company announced the closing of a non-brokered private placement and confirmed a return of around 13.64 million shares, leaving its adjusted outstanding shares to be around 177,422,524. Pursuant to the private placement, the company issued 2.76 million units at $0.195 per unit for $538,285.61 and 645,076 units at $0.195 per unit to settle a total of $125,789.82 debt to some creditors.

Moore said that that the hypothecation agreement of the share loan in the company’s action covers 13.6 million shares pledge to cover the loan returned to the treasury, and the company keeps $1 million for the initial placement even with the return of shares.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.

FEATURED STORIES

Business2 days ago

Stem Holdings Inc (OTCMKTS: STMH) d/b/a Driven By Stem Takes Advantage The Virtual Road Show Provide Business Updates

Post Views: 14 Stem Holdings Inc (OTCMKTS: STMH) d/b/a Driven by Stem has unveiled its most recent business updates. The technology...

Health2 days ago

Oncology Pharma Inc (OTCMKTS: ONPH) Eyes Partnership with Exclusive Rights Openings

Post Views: 8 Oncology Pharma Inc (OTCMKTS: ONPH) has been persistent in its investigation and work, studying and applying partnership...

Business2 days ago

Iqstel Inc (OTCMKTS: IQST) Announces Fintech Amenities Presentation

Post Views: 9 Iqstel Inc (OTCMKTS: IQST) announced the extension and introduction of its Global Money One Mobile Fintech Services. ...

Business2 days ago

Bombardier, Inc. Class B (OTCMKTS: BDRBF) Announces Its Biggest Corporate Jet Sale of the Year

Post Views: 10 Bombardier, Inc. Class B (OTCMKTS: BDRBF) has announced that it has obtained a firm sale for ten...

Business3 days ago

Plus Products Inc (OTCMKTS: PLPRF) Discloses Details About Director Matt Schmidt’s Resignation After Serving For 3 Years

Post Views: 17 Matt Schmidt has been serving Plus Products Inc (OTCMKTS: PLPRF) as one of its Board of Directors,...

Business3 days ago

Medipharm Labs Corp (OTCMKTS: MEDIF) Partners WithMcmaster University To Manufacture Drugs Containing Cannabis Candidates

Post Views: 23 Medipharm Labs Corp (OTCMKTS: MEDIF) has spoken about its newly-formed partnership with McMaster University. The two parties...