Bio-Sunn to Provide Hemp Farmers Supply Chain Software
Global Cannabis Applications Corp. (GCAC), a blockchain-driven compliance and data platform, and Bio-Sunn Technologies Inc. have entered into a letter of intent (LOI) that enables processor Bio-Sunn to work with industrial and CBD hemp growers to develop premium products on a sustainable and transparent supply chain using the company’s “Efixii” and “clearESG” software. The definitive agreement is to be signed no later than July 31, 2022.
In the LOI, Bio-Sunn represents it will be processing hemp for 1,000 farmers and distributors in 20 States and Canada through its production facility in North Dakota. To capture the data from the hemp supply chain, Bio-Sunn will acquire a Resale and a License to Use Agreement for the company’s Efixii and clearESG software. As part of Bio-Sunn’s non-exclusive right to resell agreement, farmers will pay a fee per QR code to use Efixii. A QR code is generated for farming attestations recorded on a blockchain. ClearESG is offered to these farmers, for a monthly fee, to evidence supply chain sustainability reporting. For processing hemp into manufactured products, Bio-Sunn will also pay GCAC for both the use of Efixii and clearESG.
Annual licensing fees for each farmer will average $2,000 per year for a 3-year contract to the company.
GCAC CEO Bradley Moore stated, “GCAC is a true blockchain-driven supply chain app for agtech. We do three things really well; drive sales of premium products, fix supply chain issues fast and reward great partners who create great products. Our latest tech stack is one of the most advanced layer two Ethereum blockchains available and incredibly robust in helping people run real businesses. This deal with Bio-Sunn is the reason we made Efixii and clearESG.”
Says Lewis Bauer, Bio-Sunn CEO, “As an industry, we are delighted to partner with a technology company that will bring the rural hemp farmers into the conversation, and we will have “real documented ‘farm to table’ stories.”
Efixii is licensed to farmers in a SaaS model and is a free-to-use app for industrial hemp and cannabis consumers.