GCAC Exempt from Clearstream Banking Restrictions on Cannabis Companies
July 19, 2018 (Source) — Global Cannabis Applications Corp. (“GCAC” or the “Company”) (OTCQB: FUAPF, CSE: APP, FSE: 2FA), a leading developer of innovative data technologies for the medical cannabis industry, is pleased to announce that it is exempt from the recent banking and settlement restrictions made by Clearstream Banking regarding companies directly or indirectly involved with cannabis. Clearstream has clarified that those securities where the main business consists of medical cannabis are exempt from the restrictions.
“Our Citizen Green online community has always been focused on improving the lives of ‘medical cannabis’ patients and we are pleased to be exempt from the Clearwater Banking restrictions,” said CEO Brad Moore, Chief Executive Officer, GCAC. “GCAC has always had a robust following of shareholders in Germany and other parts of the European Union and with a strong corporate treasury we look forward to continuing to execute on our various mandates and build value for our shareholders around the world.”
On June 25, 2018, Clearstream Banking announced that it will discontinue services on the close of business and settlement date on 28 September 2018, after which it will no longer settle and safekeep securities to businesses where the main business is connected directly or indirectly to cannabis and other narcotics products.
On June 29, 2018 Clearstream informed customers that the restrictions outlined in Announcement A18095 will not be applied to securities where the main business consists of medicinal cannabis.
Clearstream cited “legal reasons” for the change, and shared a list of 147 impacted securities, including many U.S. and Canadian companies such as GCAC, Aurora Cannabis Inc., Canopy Growth Corporation and GW Pharmaceuticals.
To read the full list of restricted companies and news releases visit: http://www.clearstream.com/clearstream-en/products-and-services/settlement/d18044/97742.
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Clearstream, part of the Deutsche Borse Group, is an international central securities depository (ICSD) based in Luxembourg, which provides post-trade infrastructure and securities services for the international market and 56 domestic markets worldwide, with 2,500 customers in 110 countries. As a central securities depository (CSD) based in Frankfurt, it also provides the post-trade infrastructure for the German securities industry offering access to a growing number of international markets.
About Global Cannabis Applications Corp.
Global Cannabis Applications Corp. is a global leader in designing, developing, marketing and acquiring innovative data technologies for the medical cannabis industry. The Citizen Green platform is the world’s first end-to-end – from patient to regulator – medical cannabis data solution. It uses six core technologies: mobile applications, artificial intelligence, regtech, smart databases, blockchain and digital reward tokens, to qualify candidates for clinical studies. These technologies facilitate the proliferation of digital conversations by like-minded people in the medical cannabis community. Managed by digital and cannabis industry experts, GCAC is focused on viral global expansion by providing the best digital experience in the cannabis market.
This news release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of GCAC. Forward-looking information is based on certain key expectations and assumptions made by the management of GCAC. Although management of the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because GCAC can give no assurance that they will prove to be correct. Forward-looking statements contained in this news release are made as of the date of this news release. GCAC disclaims any intent or obligation to update publicly any forward-looking information.
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