Glance Technologies Inc. (OTCQB: GLNNF) (CSE: GET) 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.
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