Israeli Cannabis Technology Company BYND Cannasoft Enterprises Inc. Files EZ-G Patent Application to Include Double Faceted Condom

Rhea-AI Summary

BYND Cannasoft Enterprises has filed a patent application for its EZ-G device, featuring a double-faceted condom design aimed at enhancing intimacy by providing a lubricant pocket that can include natural oils like CBD. This innovation addresses intimacy challenges while increasing protection during sexual activities. The global condom market is projected to grow by over $4 billion from 2021 to 2026, with a CAGR of 9.31%. CEO Yftah Ben Yaackov noted the potential value this patent could create for the company amidst a fragmented market.

Positive

• Filing of a patent for a double-faceted condom could enhance product differentiation.
• Potential entry into a growing condom market projected to exceed $4 billion by 2026.

Negative

• Success in patent approval is uncertain and may face regulatory challenges.
• Market growth is competitive, posing risks for new product adoption.

ASHKELON, Israel and VANCOUVER, British Columbia, Dec. 01, 2022 (GLOBE NEWSWIRE) -- BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) (CSE: BYND) (“BYND Cannasoft” or the “Company”) announced today the filing of a patent application for its EZ-G device to include an innovative double-faceted condom design. The double-faceted condom is designed to help treat various problems related to intimate relationships while making the sexual experience much more pleasurable for everyone involved.

BYND Cannasoft intends to design its double-faceted condom to enhance pleasure and comfort while increasing the use of protection during sex and lowering the number of sexually transmitted infections. According to the patent application, the condom will have a double pocket that will contain a lubricant that is released evenly when used. The advantage of this type of condom is the possibility of diluting the lubricants with natural oils, such as CBD, at low concentrations. The oil will be evenly dispersed which is designed to alleviate difficulties in intimate relationships and increase pleasure for both partners.

Post COVID-19, the condom market is expected to increase by more than USD 4 billion from 2021 to 2026, while the market’s growth momentum is expected to accelerate at a CAGR of 9.31%. Demand for condoms is increasing from both male and female consumers, and rising competition in the market has led vendors to focus actively on improving their R&D operations. Condom manufacturers also focus on differentiating themselves from their competitors by offering condoms with different flavors, sizes, textures, and materials.

Yftah Ben Yaackov, CEO and Director of BYND Cannasoft, said, “The filing of our patent application for the EZ-G device to include a double-faceted condom design could create additional value for BYND Cannasoft. Should we be successful with the examination of our patent application, the global condom market is fragmented, but growing significantly. Many of the leading vendors are opting for the acquisition of small and medium-sized vendors to increase their revenue share in the market. We will keep our shareholders updated on this new development.”

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

dk@atlcp.com

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 expectation that the company obtains approval for the expanded EZ-G patent application, the expected benefits of the double-faceted condom design to users and the anticipated creation of additional value for BYND Cannasoft, and the expected increase in the size of the condom market. Additional regulatory standards may be required, including FDA approval or any other approval for the purpose of manufacturing, marketing, and selling the device under therapeutic indications. There is no certainty that the aforementioned approvals will be received, and all the information below 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 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. Shareholders are cautioned not to put undue reliance on such forward‐looking statements.

FAQ

What is BYND Cannasoft's recent patent application about?

BYND Cannasoft filed a patent for its EZ-G device, featuring a double-faceted condom design that enhances intimacy and includes a lubricant pocket.

How is the condom market expected to grow according to BYND Cannasoft's press release?

The global condom market is projected to grow by over $4 billion from 2021 to 2026, with a CAGR of 9.31%.

What potential benefits does the double-faceted condom offer?

The design aims to improve pleasure and comfort while increasing safety during sexual activities.

What challenges might BYND Cannasoft face in bringing this product to market?

The company may face regulatory hurdles and uncertainty regarding patent approval.

What does BYND Cannasoft's CEO say about the patent application?

CEO Yftah Ben Yaackov stated that the patent could create additional value for the company within a growing market.