RCHA .0002 Corporate Update
Geopulse Exploration (dba Cannco Brands and Development) Delivers Corporate Update
GLOBENEWSWIRE 8:27 AM ET 11/25/2019
Symbol Last Price Change
GPLS 0.01424down 0 (0%)
RCHA 0.0002up 0 (0%)
QUOTES AS OF 11:15:02 AM ET 11/20/2019
Corporate, Financial, Commercial, and Development Matters Discussed
LOS ANGELES, CA, Nov. 25, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Geopulse Exploration (dba Cannco Brands and Development) (OTCMKTS: GPLS), a blockchain-powered logistics, financial services, and promotion solutions development company for under-serviced cannabis sector companies, today provided an update and 2020 objectives on corporate, financial, tech development, and commercial matters.
Corporate and Finance
In order to provide the financial and organizational structure to sustain our ambitious development and commercial growth plan, our immediate objectives are corporate and financial in nature.
Low-Cost Growth Capital
The Company has completed the legal, banking and compliance requirements for, and intends to launch in November, a crowdfunded offering of up to $2,000,000.
Pending release of the specific price and terms, expected later this month, we expect them to be similar to the crowdfunded raise of $750,000 with roughly 900 investors earlier in 2019 at a price of $0.10 per unit of a share and participation token (Canncoin).
Management believes the success it achieved in terms of low cost of capital in that raise will be scaled and replicated in this new offering.
We are confident in our ability to expeditiously and efficiently wrap-up this offering, also within the first half of 2020, if not in the first quarter.
We currently have roughly 1500 shareholders and are more committed than ever to accessing growth capital with the least dilution.
Gain Full Reporting Status
In other corporate matters, we intend to prioritize delivering the audited financials that will deem us current and fully reporting, a designation that will provide us with access to higher demand for our equity from a vastly larger pool of investors.
We are currently evaluating auditing firms and plan to proceed with that initiative in January, with an intention to gain current status within the first half of 2020.
We will also be pursuing a name change from Geopulse Explorations(GPLS) as well as a ticker symbol change to clarify our corporate brand, an effort we plan to complete also within the first half of 2020
Our mission is to develop and sell advanced financial, compliance and marketing products that solve debilitating business obstacles for cannabis sector companies that restrict their growth and profitability.
Our products and services are planned to include:
B2B &B2C Marketplace
Web & Mobile Solutions
FDIC Insured Crypto Stablecoin
Blockchain Transparency & Tracking
Cannabis Branding & Marketing
Such products will benefit from the immutable documentation and tracking capabilities of blockchain technology and financial security of an asset-backed, “stablecoin” pegged to the dollar.
The benefits of this design are two-fold:
An asset-backed token gives potential market participants confidence they can redeem their stablecoin for cash
A stablecoin will not change in value.
During 2019, we made important and valuable advances in the core financial features of our blockchain-based tech platform.
During this period, we completed the design of the financial system architecture that will underpin these products.
Development of the software has commenced and we intend to advance it to “alpha” or testing stage within the first quarter of 2020, with entry into beta stage, where we sign initial users, within the first half.
Key Approval Obtained
After a long period of evaluation and due diligence, in June of 2019 we were finally approved by an FDIC insured custodial trust company that will allow us to begin processing and completing transactions.
During the year, we were able to complete the acquisition of one of the first apps in the dispensary geo-location space, one with a following of over 200,000 consumers, THCFinder.com.
Our intention is to rebuild and repurpose the site and community to support the Cannco ecosystem and stakeholder community.
In June we acquired Rich Pharmaceuticals(RCHA) in order to gain us even greater financial flexibility and options.
Effect of Federal Cannabis Legalization
We are confident that given the extensive regulation and compliance requirements in place at state levels and the need for provenance and supply chain tracking and specialized banking and merchant processing, we expect a removal of cannabis as a Federal Schedule 1 Controlled Substance, will have limited effect on the demand for our services.
The importance of Cannco’s platform will be its facilitation of interactivity and reduced friction between retail brands, growers, consumers, financial institutions, and regulatory agencies.
We are pleased with our progress during 2019 and we look forward to growing our value as we develop our platform and ramp commercial activity in 2020.
About Geopulse, DBA Cannco Brands
Geopulse develops a blockchain-powered logistics, financial services and promotion platform for the unbanked, early-stage and explosive growth U.S. and Canadian cannabis sector. Management is comprised of tech and finance veterans with strong product management experience. Among its assets (or pending acquisitions) are THCFinder.com, 300,000 user geo-finder app for cannabis dispensaries and MMJ medical offices throughout the US; CannCoin, a native token underlying a distributed ledger logistics and financial services ecosystem for cannabis; revenue-generating StonerDays.com, an online D2C lifestyle community with 700,000 followers. Cannco Brands intends to provide commercial services such as transparent supply chain management, business banking and merchant processing, trade finance, direct-to-consumer engagement solutions.
Safe Harbor Notice
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Geopulse Exploration, Inc. cautions that statements made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates, and assumptions made by management. Actual results could differ materially from current projections or implied results. Geopulse Exploration, Inc. undertakes no obligation to revise these statements following the date of this news release.
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Source: Geopulse Exploration, Inc.
2019 GlobeNewswire, Inc.