VANCOUVER, B.C., Feb. 20, 2018 (GLOBE NEWSWIRE) — Glance Technologies Inc. (CSE:GET.CN) (CSE:GET.WT) (OTCQB:GLNNF) (FKT:GJT) announced today that, further to its news release dated January 4, 2018, Glance has received an equity stake in Loop Cannabis Insights Inc. (formerly Cannabis Big Data Holdings Inc.) of 4,000,000 common shares, with a deemed valued of $1,000,000.
Loop Cannabis Insights Inc. (“Loop Cannabis”) is a new company that intends to offer licensed cannabis producers, retailers and manufacturers insights into customer behaviour and intends to use cutting-edge artificial intelligence and machine learning algorithms to process transactional purchase data. With the sublicence from Glance, Loop Cannabis has the potential to receive revenue streams from mobile payment services and rewards and targeted mobile advertisements and offers.
Loop Cannabis plans to use several key data points to enable real-time actionable strategies for merchants, making it well poised to take advantage of the substantial opportunities in both the cannabis and big data spaces.
Worldwide revenues for big data and business analytics were projected to surpass $150 billion in 2017 on year-over-year growth of more than 12 per cent, according to IDC.1 The Canadian cannabis industry, meanwhile, saw an estimated CAD$5.7 billion in spending in 2017. Nearly 5 million Canadians took part, spending an average of CAD$1,200 per consumer, according to Statistics Canada, the vast majority of which being for recreational purposes.2 Globally, the legal cannabis market is forecasted to surpass $31 billion by 2021, with Canadian companies representing about 40 per cent of that market.3
“Loop Cannabis Insights intends to be a global leader in providing consumer insights to the cannabis Industry,” says Glance Technologies president and COO Penny Green. “Through Glance we have assembled a leading technology and marketing team that will make Loop best-in-class for its product offering, with an eye toward being first to market.”
Loop Cannabis plans to combine the technology licensed from Glance with its big data analytics hardware and software to provide insights for cannabis retailers and producers.
By leveraging its unique point-of-sale and mobile technology, dispensaries partnered with Loop Cannabis can expect to passively and safely collect consumer data. Loop Cannabis’ technology will bridge the data gap between e-commerce and bricks-and-mortar retail, an important step for building a 360-degree understanding of customers for retailers, brands and advertisers.
With the technology it is developing, Loop Cannabis intends to help merchants delve deeper into the preferences and profiles of their customers. With real-time analysis and hyper-local accuracy, it is possible for clients to gain actionable data for identifying and managing sales cycles and trends.
The data currently available to managers of dispensaries is from legacy point-of-sales systems and is not immediate, personalized or actionable. Loop Cannabis plans to allow dispensaries to see their data live, so they can make decisions that benefit their business and clients sooner, faster and more efficiently.
In conjunction with the closing, Glance partially owned subsidiary Cannapay Financial Inc. also received 11,200,000 shares in Loop Cannabis for licensing and product distribution rights.
Concurrent to this transaction, Loop Cannabis has also closed $1,220,000 in financing from various investors through a private placement of common shares valued at $0.25.
Cannapay and Glance respectively own 32% and 11% equity stakes in Loop Cannabis.
The following are the material terms of the transaction:
- Cannapay sublicensed the Glance Pay mobile payment platform technology to Loop Cannabis for $2,000,000 for a one-year renewable license, payable in stock with 8,000,000 shares, valued at $0.25 per share. Of that, 4,000,000 shares have been issued to Glance Pay Inc., a wholly owned subsidiary of Glance Technologies, as a sublicense royalty.
- Cannapay’s subsidiary Juve granted to Loop Cannabis the non-exclusive right to manufacture and distribute 21 wellness products — including massage oils, facial creams, moisturizers, soaps, lip balm and bath bombs — in North America for $1,800,000, payable in stock for 7,200,000 shares at $0.25 per share. This agreement includes a $200,000 advance order for products, at wholesale prices, payable by Loop Cannabis in cash upon delivery.
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 and 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 also owns an end-to-end blockchain solution for a rewards-based cryptocurrency which is currently being integrated into the Glance Pay app.
About Cannapay Financial Inc.
Cannapay Financial Inc. is a partially owned subsidiary of Glance Technologies. Glance owns 12,000,000 shares in Cannapay. Penny Green is the president and CEO of Cannapay, which 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-label product offering to businesses. Juve is building an international distribution network for the sale of its own and other products.
For more information about Glance, please go to www.glance.tech.
For more information, contact:
Vice President, Investor Relations
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “may”, “believe”, “thinks”, “expect”, “exploring”, “expand”, “could”, “anticipate”, “intend”, “estimate”, “plan”, “pursue”, “potentially”, “should”, “will” and similar expressions, or are those, which, by their nature, refer to future events. These statements, which involve risks and uncertainties, relate to the discussion of Glance’s business strategies and its expectations concerning future operations, margins, sales, new products, new licensing arrangements, potential acquisitions, use of proceeds, expenses, profitability, liquidity and capital resources and to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. For additional information with respect to these and other factors and assumptions underlying the forward looking statements in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form and Prospectus of Glance, which may be accessed through Glance’s profile on SEDAR at www.sedar.com. Glance cautions investors that any forward-looking information provided by Glance is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements. Undue reliance should not be placed on such forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.
1 IDC, Big Data and Business Analytics Revenues Forecast to Reach $150.8 Billion This Year …, https://www.idc.com/getdoc.jsp?containerId=prUS42371417
2 Statistics Canada, Cannabis Economic Account, 1961-2017, Jan. 25, 2018, http://www.statcan.gc.ca/daily-quotidien/180125/dq180125c-eng.htm
3 Forbes Magazine, The Global Marijuana Market Will Soon Hit $31.4 Billion …, https://www.forbes.com/sites/monazhang/2017/11/07/global-marijuana-market-31-billion-investors-cautious/#33d9abd37297