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

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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.

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