Vancouver, British Columbia--(Newsfile Corp. - January 5, 2018) - Glance Technologies (CSE: GET) (FSE: GJT) (OTCQB: GLNNF), through its partially owned subsidiary, Cannapay Financial, has signed an agreement with Cannabis Big Data Holdings, to receive $4 million in a combination of cash and shares, for licensing and product presales. As part of the agreement, Glance Technologies will receive $1 million in shares of Cannabis Big data for the sublicense of Glance's mobile payment app technology.
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In addition to Cannapay Financial, other parties in this agreement are Cannapay's wholly owned subsidiary, Juve Wellness, along with Cannabis Big Data and Fobisuite Technologies.
Cannabis Big Data will combine the technology licensed from Cannapay with big data analytics hardware and software from Fobisuite to provide insights for cannabis retailers and producers and allow retail partners to accept payments in cryptocurrencies such as bitcoin.
Fobisuite has architected a multi-faceted parallel, USB serial interface that is a bilateral communicative hardware device for the purpose of enabling the authentication and transaction of cryptocurrency in a retail point of sale environment. Its data collection, analysis, analytics and encryption technology has been built on blockchain technology.
Rob Anson, CEO of Cannabis Big Data, stated: "Cannabis Big Data will offer big data analytics for the cannabis industry. Our value prop is in merging customer purchase and basket history with social media and mobile data to create highly personalized customer journeys. The Fobisuite technology can analyze and process online, in-store and mobile commerce to provide valuable insights to retailers, dispensaries, and manufacturers, and allows retailers to transact in cryptocurrencies. By partnering with Cannapay we will be able to offer a full circle digital media and mobile strategy for our industry partners. We've found an effective way of combining blockchain with big data and cannabis."
Cannapay's subsidiary, Juve Wellness, has developed several lines of cannabis inspired wellness products which will be available for sale under the Juve brand. Juve will offer Cannabis Big Data, on a non-exclusive basis, a white label solution, with customized branding, for 12 wellness products for dispensaries in North America.
Cannabis Big Data will pay Juve a $200,000 advance for these products within 2 weeks of completing a financing for $1 million.
Newly created Cannabis Big Data, will be principally owned by Cannaopay Financial and Fobisuite Technologies. The company will license the technologies of Fobisuite and Glance, creating a cannabis industry specific solution using proprietary hardware and software to bridge the gap between online and in-person customer data through WIFI, social media, and purchase history.
Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to dine, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards and generally interact with merchants.
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Barry Morgan, CFO