BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN) (CSE: BYND) (“BYND
Cannasoft” or the “Company”), announced today a new plan of work
that focuses on its proprietary CRM platform in an effort to help
meet the increased demand for medical cannabis in Israel. Recent
regulatory reforms approved by the Israeli Ministry of Healthi
allows physicians to prescribe cannabis to patients as a first-line
treatment rather than as an option of last resort. Israel has had a
significant increase in the number of licensed medical cannabis
patientsii in the wake of recent events, particularly the opening
of the war in Gaza. This surge has resulted in more than 2,000 new
patients in just one month, approaching the peak numbers of 2021
and bringing the total number to over 132,000 as of November 2023.
BYND Cannasoft’s proprietary Benefit CRM enables small and
medium-sized enterprises to optimize day-to-day functions, such as
sales management, workforce management, contact center operations,
and asset management. Benefit CRM is provisioned as SaaS to some of
Israel's most recognizable companies.
As part of the new plan of work, the
software development phase will focus on innovative elements in the
field of artificial intelligence that will increase their data
collection and analysis.
Physicians licensed to prescribe medical cannabis and Israeli
Ministry of Health authorities have reported a notable surge in
demand after the recent conflict. There is a burgeoning presence of
initiatives by both corporate entities and private individuals
aimed at providing cannabis to individuals residing in the southern
region. The increasing trend comes after a period of data
stagnation in the first half of the year. The Israeli medical
community is experiencing a tremendous increase in the number of
patients seeking treatment for post-trauma, marking a significant
shift from the previous decline in this category.
In February 2023, BYND Cannasoft announced that the Medical
Cannabis Unit at the Ministry of Health of the State of Israel
issued the Company a full license to engage in medical cannabis
without direct contact with the substance. This license allows BYND
Cannasoft to trade in medical cannabis products through an
agreement with a licensed cannabis grower in Israel. The recent
increase in patients seeking treatment for post-trauma, which had
seen a decline in the past year, adds significant value to this
license, as well as BYND Cannasoft’s proprietary CRM platform.
"Israel is a small country, and although we continue to take a
business-as-usual approach, every one of us is directly impacted,
either personally or through our family and loved ones. BYND
Cannasoft supports and stands with all of the Israelis affected by
this tragedy. In Israel, the cannabis and pharmaceuticals
industries are part of the critical infrastructure sector, and I am
very proud of how the team is coming together to work through this
horrific situation," said Yftah Ben Yaackov, CEO and Director of
BYND Cannasoft. "While we continue to develop our EZ-G device for
the recreational market, and potentially as an FDA-approved medical
device, our decision to refocus on cannabis will benefit our
shareholders, as well as those impacted by the war who are seeking
treatment from psychiatric and pain clinics. We are grateful to be
in this position to help our country and its people."
Many of the medical cannabis patients receiving new licenses are
war casualties, as doctors began issuing licenses for post-trauma
to victims of the recent events. In terms of patient age, more than
60,000 medical cannabis patients in Israel, nearly half of the
total, fall in the 21-45 age range. The second-largest group
comprises approximately 44,000 patients aged 46-65, with the
remaining 24,000 patients aged 66 and over. There is also a smaller
percentage of patients up to the age of 20, particularly children
with conditions like autism or epilepsy.
The data also indicate an increase in patients using relatively
high doses, with 29,752 patients holding a license for 40 grams of
cannabis per month, 27,382 patients for 50 grams, and 25,709
patients for 20 grams. Additionally, 20,516 patients have licenses
for 30 grams, 13,211 for 60 grams, and about 15,000 patients for 70
grams per month or more.
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. 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 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. There is
no guarantee that the device will be sold in the market on the date
it will happen; all is subject to regulatory approvals. The early
registrations are not binding and are made to create a waiting
list, so there is no guarantee that the people that registered will
order the device as there is no financial commitment from their
side at this point.
For Further Information, please refer to the
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.sedarplus.ca
Gabi KabazoChief Financial OfficerTel:
604-833-6820e‐mail: ir@cannasoft-crm.com
For Media and Investor Relations, please
contact:
David Kugelman866-692-6847 Toll Free - U.S.
& Canada404-281-8556 Mobile and WhatsAppdk@atlcp.comSkype:
kugsusa
Cautionary Note Regarding Forward-Looking
Statements
This press release includes certain statements
that may be deemed "forward-looking statements" within the meaning
of 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 press release, the words "may," "would," "could,"
"will," "intend," "plan," "anticipate," "believe," "estimate,"
"expect," and similar expressions are intended to identify
forward‐looking statements. Those forward-looking statements
include, without limitation, statements regarding the Company's
expectations for the growth of the Company's operations and
revenue. Such statements are subject to certain risks and
uncertainties, and actual circumstances, events or results may
differ materially from those projected in such forward-looking
statements.
Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance, and actual events or developments may differ
materially from those in forward-looking statements. Such
forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause the Company's actual
performance and financial results in future periods to differ
materially from any projections of future performance or results
expressed or implied by such forward-looking statements. 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 future financial performance,
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 year ended December 31, 2022 and
annual information form dated March 31, 2023, which are available
under the Company's profile at www.sedarplus.ca, and in the
Company's Annual Report on Form 20-F for the year then ended that
was filed with the U.S. Securities and Exchange Commission on April
27, 2023. 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. The Company
has an effective shelf registration statement as of June 2023 and
is intending to raise funds in the very near future. 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.
i
https://norml.org/news/2023/08/10/israel-regulatory-changes-will-expand-patients-access-to-medical-cannabis/ii
https://www.xn--4dbcyzi5a.com/wp-content/uploads/2023/11/subjects_cannabis_docs_licenses-status-october-2023.pdf
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