VANCOUVER, British Columbia, Jan. 04, 2018 (GLOBE NEWSWIRE) -- Glance Technologies Inc. (CSE:GET:CN) (CSE:GET.WT) (GLNNF) (GJT) announces that its partially owned subsidiary Cannapay Financial Inc. (“Cannapay”) has signed a definitive agreement to receive $4 million for licensing and product pre sales with Cannabis Big Data Holdings Inc. (“Cannabis Big Data”). Pursuant to the agreement, Glance Technologies will receive a $1 million fee for the sublicense of Glance’s mobile payment app technology.
The agreement is entered into between Fobisuite Technologies Inc. (“Fobisuite”), Cannapay, Cannabis Big Data and Cannapay wholly owned subsidiary Juve Wellness Inc. (“Juve”). 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. Further, it has data collection, analysis, analytics and encryption technology built on blockchain technology. Cannabis Big Data will combine the technology licensed from Cannapay and big data analytics hardware and software from Fobisuite to provide insights for cannabis retailers and producers and allow retail partners to transact in cryptocurrencies like bitcoin. Further, through its license with Juve it will offer a white label solution for 12 wellness products with customized branding for dispensaries in North America.
"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," says Rob Anson, CEO of Cannabis Big Data, "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.”
The following are the material terms of the agreement:
- Fobisuite will license all of its technology to Cannabis Big Data for $4,000,000, payable $200K in cash and $3,800,000 in stock for 15,200,000 shares at $0.25 for a 10 year licence, and renewable for $10,000 per year.
- Cannapay will sublicense the Glance Pay mobile payment platform technology to Cannabis Big Data for $2,000,000 for a one year license, payable in stock at $0.25 per share for 8,000,000 shares, of which 4,000,000 shares will be payable to Glance Technologies as a sublicense royalty, and the sublicense renewable for $10,000 per year.
- Cannapay subsidiary Juve Wellness will grant to Cannabis Big Data the non exclusive right to distribute 12 products (including massage oils, soaps, lip balm and bath bombs) (the “Products”) to cannabis dispensaries in North America, with a $200,000 advance order for products, at wholesale prices, payable by Cannabis Big Data in cash within 2 weeks of Cannabis Big Data completing financing of $1,000,000.
- Juve will license for $1,800,000 (payable all in stock of Cannabis Big Data at $0.25 per share for 7,200,000 shares), the non exclusive license to the formulas of the Products and rights to create a white label manufacturing service to provide customized branded versions of the Products for dispensaries in North America, which may only be licensed, produced and sold in accordance with all applicable laws and regulations.
About Glance Technologies Inc.
Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to shop, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards & interact with merchants. Glance offers targeted in-app marketing, geo targeted digital coupons, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in IOS (Apple) and Android formats, merchant manager apps, a large scale technology hosting environment with sophisticated anti-fraud technology and lightning fast payment processing. Glance Pay has entered into significant licensing agreements with Active Pay Distribution Inc., Cannapay Financial Inc. and Euro Asia Pay Holdings Inc. It also owns an end to end blockchain solution for a rewards based cryptocurrency which is currently being integrated into the Glance Pay app.
For more information about Glance, please go to www.glance.tech.
About Cannapay Financial Inc.
Cannapay is a partially owned subsidiary of Glance Technologies. Glance owns 12,000,000 shares in Cannapay. Cannapay has licensed the right to use and the right to sublicense the Glance Pay mobile payment technology for use in the cannabis industry. Its wholly owned subsidiary, Juve Wellness Inc., is a wellness company which is using the Glance Pay mobile payment technology to develop a robust, personalized modern wellness platform. Juve has also developed several lines of Cannabis inspired wellness products which will be available for sale to consumers with the Juve brand and are also available as a white labelled product offering to businesses. Juve is building an international distribution network for the sale of its own and other products.
About Cannabis Big Data Holdings Inc.
Cannabis Big Data is newly formed company to be principally owned by Cannapay Financial Inc. and Fobisuite Technologies Inc. It is licensing the technologies of Fobisuite and Glance Technologies Inc. to create a cannabis industry specific solution that uses proprietary hardware and software to bridge the gap between online and in-person customer data through WIFI, social media, and purchase/check-out basket history. Cannabis Big Data's tech will enable state-of-the-art consumer engagement, education, commerce, and CRM solutions that will accelerate and optimize adoption through appropriate education focused on measurable data gathered from comprehensive consumer touch points and sales channels, as well as providing cryptocurrency and mobile payment processing. This powerful combination of technologies allows for significantly more granular demographic detail and individualization of customers for the supply side of the Cannabis industry, and more convenient and secure transactions for the demand side. Further, Cannabis Big Data will leverage its consumer engagement software to sell additional products to customers and has a white label selection of cannabis inspired wellness products.
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