We sat down with GCAC CEO, Brad Moore to discuss the recently announced C$1.8M promissory note from Swiss-based Abbey Technology GmbH.
Q: How is this C$1.8m growth funding going further to accelerate your expansion of the Efixii digital health platform?
A: As you know, before this funding, we were debt-free, and our 2021 C$3m funding is still being deployed in expanding our Efixii platform, as well as driving our marketing in Canada, the USA, and beyond. To maintain momentum, one of our key shareholders, Abbey Technology, offered to fund us through 2022 and 2023 to accelerate our already extraordinary growth further.
Q: Do you see this as a vote of confidence in GCAC?
A: For sure, this strategic round of funding reflects our investors’ confidence in the immense opportunity we have in building a business around helping as many people as possible to live healthier lives by delivering consistent, trusted medical cannabis treatments. With this infusion of capital, we’re poised to accelerate our position as a market leader in powering quality real-world data that drives quality insights across the cannabis healthcare lifecycle.
Q: How is the funding structured?
A: Y’know, Abbey’s interests are aligned with all other shareholders, so Abbey’s funding will benefit all parties, which is unlike typical debt instruments used in today’s corporate finance. So, Abbey is delivering C$1.8m in the form of a two-year loan with only 5% interest.
Q: So, maybe Abbey can unduly influence your direction now?
A: No, of course, as CEO, I still set our direction, and our board decides how GCAC deploys capital. However, since everyone here is aligned, it makes for great discussions with our investors, as we are all pulling 100% in the same direction. Abbey did not require any restrictions or covenants on the deployment of funds, but rest assured, it will be used to accelerate our growth.
Q: What do you see as key growth drivers for the next two years?
A: For sure, the Health Canada cannabis sales license will be immense. We’re delivering the most powerful consumer-first platform that the medical cannabis world has ever seen. However, we believe that the company has only scratched the surface of how consumer-first technology can transform health and wellness in the medical cannabis space.
Q: Where does this journey take us next, Brad?
A: Healthcare in the cannabis industry needs new ways of creating high-quality data sets from disorganized information dispersed throughout a myriad of systems that lack interoperability and standardization. Efixii meets this critical need by delivering and analyzing proprietary, curated data sets from both structured and unstructured data sources that maintain true to the original medical context.