$62 Billion Potential Sex Toy Market Could be Disrupted by Israeli Cannabis Technology Company BYND Cannasoft Enterprises’ PCT Patent Application
BYND Cannasoft Enterprises (Nasdaq: BCAN) is advancing its EZ-G device for applications in the sex toy market while maintaining its medical functionality. The global market for sex toys is projected to reach USD 62.32 billion by 2030 with a CAGR of 8.4%. The company aims to combine CBD oils with its devices to enhance user experience. Following acquisition of the EZ-G rights, BYND Cannasoft is also exploring opportunities to develop a double-faceted condom, targeting a fragmented adult toy market focused on multifunctional products.
- Entry into the growing sex toy market could provide significant revenue opportunities.
- The global sex toys market is expected to reach USD 62.32 billion by 2030, indicating a lucrative industry.
- Potential combination of EZ-G device with CBD oils may enhance marketability and consumer interest.
- Regulatory approval is uncertain; FDA or other approvals are necessary for manufacturing and marketing.
- Dependence on the successful development and acceptance of the EZ-G device in a competitive market.
PCT patent application could potentially cover the EZ-G device as a sex toy, as well as a double-faceted condom
ASHKELON, Israel and VANCOUVER, British Columbia, Dec. 07, 2022 (GLOBE NEWSWIRE) -- BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) (CSE: BYND) (“BYND Cannasoft” or the “Company”) announced today it is in the advanced stages of expanding its EZ-G device's applications into the leisure field of sex toys. In addition to potentially treating annoying phenomena in the female reproductive system, the EZ-G device includes technological advancements as a sex toy with a more realistic experience.
The global sex toys market size is expected to reach USD 62.32 billion by 2030 and is projected to register a CAGR of
"Since BYND Cannasoft acquired the rights to the EZ-G device two months ago, we have found several potential applications after filing our application under the Patent Cooperation Treaty (“PCT”)," said Yftah Ben Yaackov, CEO and Director of BYND Cannasoft. He continued, "Our EZ-G device could not only treat annoying phenomena in the female reproductive system, it could also present us with an opportunity to enter the growing adult novelty toy business and potentially develop our recently announced double-faceted condom. We believe this could be a tremendous opportunity since the adult novelty toy market is fragmented and many vendors are focusing on the R&D of new products with multifunctional benefits using natural ingredients to compete in the market.”
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. 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 the 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 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 the expected increased size and CAGR by 2030 of the global sex toys market. 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. Shareholders are cautioned not to put undue reliance on such forward‐looking statements.
FAQ
What is the projected market size for sex toys by 2030?
What are the potential applications of the EZ-G device?
What is the significance of the PCT patent application for BCAN?
What are BYND Cannasoft's plans for the double-faceted condom?
What challenges does BYND Cannasoft face in entering the adult novelty market?
