New Joint Venture Executed to Escalate Industrial Hemp Industry as a Sustainable Solution in North America
B.I. & blockchain hemp tech offering is available in all US states
Vancouver, British Columbia, Canada, October 11, 2022 – Global Compliance Applications Corp. ("GCAC" or the "Company") (CSE: APP, FSE: 2FA, OTCQB: FUAPF), announces a strategic partnership with ThingBlu Inc., a Washington state-based business with a SaaS agriculture business intelligence solution and B&M Products and Services LLP, an Indiana state company that has contracts with a network of industrial hemp growers and processors. By partnering with B&M, GCAC and ThingBlu's current integrated Business Intelligence-blockchain offering [1] is now available to all in the U.S hemp industry in an affordable SaaS offering.
The recent approval of industrial hemp products, such as hempcrete [2], showcases the growing value of the hemp plant for things such as animal bedding, insulation, textiles, bioplastics and biofuel. North America's industrial hemp market is anticipated to reach USD 87.5 million by 2027. It is expected to grow at a CAGR of 7.5%, per Global Market Insights. In addition, the use of blockchain technology in the global agriculture and food supply chain is growing exponentially yearly. As a result, it will reach USD 359.08 million by 2027.
Kevin Gorman, CEO of ThingBlu, commented, "As a person that grew up farming, I know agriculture runs on very tight margins. With the industrial hemp market ramping up, ThingBlu’s SaaS software analysis of collected workflow and sensor data can play a huge part in a hemp farm's viability. On the blockchain, it's unbeatable.”
Marla Rivera, Owner of B&M Products & Services, states, “We can now help our network of farmers & processors avoid the missteps we saw in the 2018 hemp rush. Our goal is to deliver high-quality industrial hemp in high volume to predictable, transparent, high-quality markets. We also recognize our program needs to support other diverse commodities for inclusion for every farmer. This partnership ensures the next generation of growers can deliver products that will make a long-term sustainable impact".
Bradley Moore, CEO of GCAC, said, “As we have said, the Efixii blockchain is a powerful tool in connecting people who grow products with consumers. A smartphone, Efixii dApp and QR code can change a business overnight; all are offered as affordable BaaS solutions. B&M, ThingBlu and GCAC, are here to help."