Israeli Ministry of Health Reports Surge in Medical Cannabis Patients Following Recent Events

Rhea-AI Summary

BYND Cannasoft Enterprises Inc. refocuses on its proprietary CRM platform to meet the increased demand for medical cannabis in Israel following recent regulatory reforms. The surge in licensed medical cannabis patients and the increase in post-trauma cases have led to a notable demand for cannabis products, prompting the company to concentrate on innovative elements in the field of artificial intelligence for data collection and analysis.

ASHKELON, Israel and VANCOUVER, British Columbia, Nov. 07, 2023 (GLOBE NEWSWIRE) -- 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 Kabazo
Chief Financial Officer
Tel: 604-833-6820
e‐mail: ir@cannasoft-crm.com

For Media and Investor Relations, please contact:

David 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 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.

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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

FAQ

What is the focus of BYND Cannasoft's new plan of work?

BYND Cannasoft's new plan of work focuses on its proprietary CRM platform to meet the increased demand for medical cannabis in Israel.

What recent regulatory reforms have impacted the medical cannabis industry in Israel?

Recent regulatory reforms approved by the Israeli Ministry of Health have allowed physicians to prescribe cannabis to patients as a first-line treatment rather than as an option of last resort.

What is the significance of the surge in licensed medical cannabis patients in Israel?

The surge in licensed medical cannabis patients has prompted BYND Cannasoft to concentrate on innovative elements in the field of artificial intelligence for data collection and analysis to meet the increased demand.

How does BYND Cannasoft's proprietary Benefit CRM platform help enterprises in Israel?

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. It is provisioned as SaaS to some of Israel's most recognizable companies.

What is the significance of BYND Cannasoft's full license to engage in medical cannabis products in Israel?

BYND Cannasoft's full license to engage in medical cannabis products in Israel allows the company to trade in medical cannabis products through an agreement with a licensed cannabis grower in Israel.