ASHKELON, Israel and VANCOUVER, British Columbia, Dec. 15, 2022 (GLOBE NEWSWIRE) -- BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) (C.S.E.: BYND) ("BYND Cannasoft" or the "Company") today issued a letter to shareholders from its Chief Executive Officer and Director, Yftah Ben Yaackov.
Successful Nasdaq Uplisting
On May 31, 2022, BYND Cannasoft was approved for trading on the Nasdaq Capital Market. This listing represents a significant milestone for BYND Cannasoft and enhances our ability to create value for all stakeholders. BYND Cannasoft demonstrated that a strong business plan and an efficient operational approach helped us drive the listing process forward. The Nasdaq listing has already helped us increase liquidity, which should, in turn, drive down the cost of capital to execute our business plan. Since listing on the Nasdaq Capital Market, the Company's market capitalization has increased to USD $150 million from USD $100 million, a 50% increase. With BYND Cannasoft now trading on the Nasdaq Capital Market and the Canadian Securities Exchange, our strong and experienced management team will focus on monetizing the Company's assets.
Benefit CRM
BYND Cannasoft owns and markets a proprietary customer relationship management (CRM) software product, "Benefit CRM". Our cloud-based Benefit CRM software enables 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. BYND Cannasoft's next-generation Benefit CRM platform is now ready for BETA testing. During 2022, we were able to increase the volume of customers and sales of our CRM software department in Israel.
Cannabis CRM
Building on our 20 years of experience in CRM software, BYND Cannasoft has recently begun the development of an innovative new CRM platform explicitly designed to serve the needs of the medical cannabis industry. It is expected that this new platform will be the first for the medical cannabis field. We believe this new platform could potentially turn the cannabis industry into a more organized, accessible, and price transparent market.
BYND Cannasoft announced in September it had signed an agreement with the Weizmann Institute of Science for a beta version of the software provided as SAAS. The beta version will include BYND Cannasoft Enterprises' C.R.M. System - Job Management (BENEFIT) and a module system (CANNASOFT) for managing farms and greenhouses with varied crops. Based in Tel Aviv, Israel, the Weizmann Institute of Science is one of the world's leading multidisciplinary basic research institutions in the natural and exact sciences. It has pioneered research using CBD to treat conditions as diverse as glaucoma, Parkinson's, chemotherapy side effects, M.S., and Crohn's, while using advanced tools, like CRISPR gene editing, to understand cannabis further.
EZ-G
One of our most surprising developments of 2022 is our purchase of 100% ownership of Zigi Carmel Initiatives & Investments Ltd. and its patent-pending intellectual property for the "EZ-G” device. The EZ-G device is a therapeutic device that uses low concentrations of CBD oils, such as hemp seed oil and other natural oils, to treat certain women's health issues. This acquisition was paramount in increasing the assets of our company by 494%, to USD $33 million. More specifically, the EZ-G device is a unique, patent-pending device that, combined with proprietary software, regulates the flow of low-concentration CBD oils into the soft tissues of the female reproductive system. According to research conducted across the globe, treatment with low-concentration CBD oils can relieve candida, dryness, scars, and many other female health issues.
In November, we began the P.C.T. patent application process for the EZ-G device. An International Searching Authority examiner provided us with a non-binding opinion that one of the EZ-G device's inventions is novel and inventive.
The global market for condoms is USD $10.97 billion, and we believe demand is strong for new products. We expanded our patent for the EZ-G device to include an innovative double-faceted condom design with a double pocket containing lubricant to heighten both partners' sexual pleasure. We were also able to expand our P.C.T. patent application to potentially cover the EZ-G device as a sex toy which, if the patent is granted, would allow us to enter the USD $62 billion sex toy market with a patent protected product. Both of these developments result from the pump action on the EZ-G device, which leads us to believe we could generate substantial shareholder value as a result of this acquisition. BYND Cannasoft intends to pursue the final registration of the patent and establish a marketing and sales system for the EZ-G device.
Rounding out 2022, we made significant advancements in the licensing process for trade in medical cannabis. We also strengthened our balance sheet, increased gross margins, and reduced expenses.
2023 Milestones and Benchmarks
For 2023, we will focus our attention on several critical corporate milestones and benchmarks. We look forward to completing the patent registration and regulation of the various devices developed by the Company, as well as completing the development of our much-heralded EZ-G device. We also look forward to completing the procedures for obtaining a license to trade in medical cannabis. Additionally, we intend to generate significant revenues and profits from the realization and completion of our production and distribution agreement with pharmacies in Israel. We plan to expand our production and distribution by opening additional markets for our medical cannabis products, mainly in the U.K. and Germany. Our relationship with the Weizmann Institute remains strong. In 2023, we intend to complete the beta version of the cannabis software and expand our level of research and development with the prestigious organization. Finally, we look to continue adding value for our stakeholders by locating companies synergistic with BYND Cannasoft and making significant investments to expand our growth-oriented activities.
2022 will be remembered as a year that saw global economic activity experiencing a broad-based and sharper-than-expected slowdown, increased inflation higher than we have seen in several decades, and higher interest rates. Despite these challenges and many others, I am very proud of our BYND Cannasoft team. We advanced our business plan, showed growth in all indices, and experienced great success in our business operations. I want to take this opportunity to wish every one of our shareholders a joyous holiday season and a prosperous 2023. For BYND Cannasoft, the best is yet to come.
Sincerely,
Yftah Ben Yaackov
Chief Executive Officer and Director
About BYND Cannasoft Enterprises Inc.
BYND is an Israeli-based integrated software and cannabis company.
CRM Software
BYND owns and markets a proprietary customer relationship management (CRM) software product, known as “Benefit CRM”. BYND’s Benefit CRM software enables 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. BYND’s next-generation Benefit CRM platform is now ready for BETA testing.
Cannabis CRM
Building on its 20 years of experience in CRM software, BYND has recently begun development of an innovative new CRM platform, designed specifically to serve the needs of the medical cannabis industry. It is expected that this new platform will be the first of its kind for the medical cannabis field and the Company is confident it will transform the industry into a more organized, accessible and price transparent market. Data and information collected through the operation of the Cannabis Farm (see below) and the products it produces will allow BYND to test its new Cannabis CRM platform and adjust the platform as necessary. Additionally, operating the Cannabis Farm and selling medical cannabis will bring in additional revenue to further support BYND during the initial roll-out years of its cannabis CRM platform.
Medical Cannabis Business
BYND holds an initial approval from the Medical Cannabis Unit in the Ministry of Health of the State of Israel, for a contactless business license that allows trading in medical cannabis products without contact with the actual substance. This is a unique license that is held by only a limited number of companies in Israel. The Company is in the final stages of obtaining the full license and immediately after receiving it, the Company plans to operate through a licensed medical cannabis farm for the production of the Company's private label for various products and varieties. The products will be produced for the Company and marketed to pharmacies while paying a commission to the grower for the cultivation and processing of the substance. The Company anticipates that if the license is received in the coming months, it will be possible to market the products immediately and capture a significant market share which can generate significant income for the Company.
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 under the Company’s profile on SEDAR: www.sedar.com.
Gabi Kabazo
Chief Financial Officer
Tel: (604) 833-6820
e‐mail: ir@cannasoft-crm.com
For Media and Investor Relations, please contact:
David L. Kugelman
(866) 692-6847 Toll Free - U.S. & Canada
(404) 281-8556 Mobile and WhatsApp
Skype: kugsusa
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward‐looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward‐looking statements. Forward-looking statements in this press release include, without limitation, the potential uses for the EZ-G device and that the Company believes that it could generate substantial shareholder value from the acquisition of Zigi Carmel Initiatives & Investments Ltd.; that the increased liquidity resulting from the Company’s listing on Nasdaq should drive down the cost of capital to execute its business plan; that the CRM platform is expected to be the first for the medical cannabis field and that it could potentially turn the cannabis industry into a more organized, accessible, and price transparent market; the Company’s belief that demand is strong for new products in the condom market; and the Company’s plans for 2023. Factors that could affect the realization of the forward-looking statements include, without limitation, that additional regulatory conditions may be required to be met, including FDA approval or any other approval for the purpose of manufacturing, marketing, and selling the EZ-G device under therapeutic indications. There is no certainty that all required approvals will be received. Forward-looking statements in this press release 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. BYND Cannasoft does not intend, and does not assume any obligation, to update these forward‐looking statements, except as required by law. Current and potential shareholders are cautioned not to put undue reliance on such forward‐looking statements.
