Plans to formulate proprietary CBD oil and brand through a licensed grower in Israel for distribution outside of Israel in its AI based device and EZ-G device
VANCOUVER, British Columbia and ASHKELON, Israel, March 14, 2023 (GLOBE NEWSWIRE) — BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN) (CSE: BYND) (“BYND Cannasoft” or the “Company”) today announced plans to formulate a proprietary CBD oil and brand through a licensed grower in Israel for distribution outside of Israel for its new artificial intelligence (AI) based device and its EZ-G device. BYND Cannasoft will utilize the knowledge and technology associated with its recent patent application to create various products, some of which will be combined with CBD oils at low concentrations or other non-drug oils to increase pleasure in intimate relationships. BYND Cannasoft plans to market these products for its new AI-based device and its EZ-G device, like that of the razor/razor blade model. By selling the durable base product at a low-profit margin, the Company can sell the associated proprietary consumable goods at a higher profit margin to generate recurring revenues. The Company intends to utilize the full license its Cannasoft Pharma subsidiary received from the Medical Cannabis Unit at the Ministry of Health of the State of Israel to engage in medical cannabis without direct contact with the substance to develop its proprietary CBD oils for its new AI-based device and its EZ-G device.
BYND Cannasoft also plans to utilize its license to market additional cannabis products in Israel. In 2022 Israel imported more than 33,000 kg of medical cannabis, in comparison to a total of 22,000 kg in 2021, mainly from Canada, Portugal, South Africa and Lesotho, making Israel the largest importer of medical cannabis products in the world.i Researchers in Israel have studied the medical applications of cannabis since the 1960s. Raphael Mechoulam and Yechiel Gaoni of the Hebrew University of Jerusalem made significant discoveries in the field when they isolated THC from cannabis in 1964. A 2017 survey showed that 27% of Israelis between 18 and 65 had used cannabis in the last year, a sharp increase from 8.8% in 2009.ii The standardization of the medical cannabis field in Israel is among the first in the world. This standardization results from the Medical Cannabis Unit at the Ministry of Health of the State of Israel setting strict criteria to make the service and procurement of cannabis products accessible to patients.
Yftah Ben Yaackov, CEO and Director of BYND, said, “The Israeli cannabis market is a significantly growing market, and the field of medical cannabis generates hundreds of millions of dollars a year. Our Cannasoft Pharma subsidiary receiving a license from the Medical Cannabis Unit at the Ministry of Health of the State of Israel to engage in medical cannabis without direct contact with the substance is a key point in our business plan.” Mr. Yaackov continued, “The products we plan to bring to market may provide additional treatment options and respond to the unmet medical needs of patients. We will continue to pursue these unmet needs in this growth-oriented market and our AI-based products.”
Israel has emerged as one of the leading countries for the consumption of medical cannabis in the world. According to Israel’s Health Ministry, more than 100,000 Israeli citizens have medical cannabis permits, which is a 1,600 percent increase over the past decade. Israel’s Health Ministry estimated that medical cannabis consumption increased to 43 metric tons in 2021 from 28.5 million in 2020. According to Prohibition Partners, an industry analysis firm, Israel’s medicinal cannabis market had an approximate value of $264 million in 2021, roughly $7 million less than all of Europe’s.iii The medical cannabis products market in Israel has approximately $500 million in annual sales volume. BYND Cannasoft intends to capture approximately 3% of this market, potentially generating $15 million in sales.
About BYND Cannasoft Enterprises Inc.
BYND Cannasoft Enterprises is an Israeli-based integrated software and cannabis company. BYND Cannasoft owns and markets “Benefit CRM,” a proprietary customer relationship management (CRM) software product enabling small and medium‐sized businesses to optimize their day‐to‐day business activities such as sales management, personnel management, marketing, call center activities, and asset management. Building on our 20 years of experience in CRM software, BYND Cannasoft is developing an innovative new CRM platform to serve the needs of the medical cannabis industry by making it a more organized, accessible, and price-transparent market. The Cannabis CRM System will include a Job Management (BENEFIT) and a module system (CANNASOFT) for managing farms and greenhouses with varied crops. BYND Cannasoft owns the patent-pending intellectual property for the EZ-G device. This therapeutic device uses proprietary software to regulate the flow of low concentrations of CBD oil, hemp seed oil, and other natural oils into the soft tissues of the female reproductive system to potentially treat a wide variety of women’s health issues. The EZ-G device includes technological advancements as a sex toy with a more realistic experience and the prototype utilizes sensors to determine what enhances the users’ pleasure. The user can control the device through a Bluetooth app installed on a smartphone or other portable device. The data will be transmitted and received from the device to and from the secure cloud using artificial intelligence (AI). The data is combined with other antonymic user preferences to improve its operation by increasing sexual satisfaction.
For Further Information please refer to information available on the Company’s website: www.cannasoft-crm.com, the CSE’s website: www.thecse.com/en/listings/life-sciences/bynd-cannasoft-enterprises-inc and on SEDAR: www.sedar.com.
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Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving risks and uncertainties, which may cause results to differ materially from the statements made. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this document, the words “may,” “would,” “could,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” “potential,” “continue,” “strategy,” “future,” “project,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our proprietary CBD oils, our new smart female treatment device, our Cannabis CRM platform, our expanded EZ-G patent application, our market growth, and our objectives for future operations, are forward looking statements. Additional regulatory standards may be required, including FDA approval or any other approval for the purpose of manufacturing, marketing, and selling the devices under therapeutic indications. There is no certainty that the aforementioned approvals will be received, and all the information in this release is forward-looking. Such statements reflect the company’s current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made, including unanticipated regulatory requests and delays, final patents approval, and those factors discussed in filings made by the company with the Canadian securities regulatory authorities, including (without limitation) in the company’s management’s discussion and analysis for the nine month period ended September 30, 2022 and annual information form dated October 8, 2022, which are available under the company’s profile at www.sedar.com, and in filings made with the U.S. Securities and Exchange Commission. Should one or more of these factors occur, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward‐looking statements, except as required by law. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Shareholders are cautioned not to put undue reliance on such forward‐looking statements.