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BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN, CSE: BYND) is an Israeli-based company dedicated to developing innovative solutions in the CRM and medical cannabis sectors. The company is renowned for its proprietary Benefit CRM, which helps small and medium-sized businesses streamline their daily operations, including sales, personnel, marketing, call center activities, and asset management.
Building on its two decades of experience in CRM software, BYND Cannasoft is currently developing a groundbreaking Cannabis CRM Platform designed to enhance the medical cannabis industry's organization, accessibility, and transparency. This platform will feature a comprehensive Job Management (BENEFIT) and a modular system (CANNASOFT) for effectively managing farms and greenhouses.
One of the company's most notable achievements is the development of the EZ-G device, a therapeutic apparatus that employs proprietary software to regulate the flow of CBD oil, hemp seed oil, and other natural oils into female reproductive tissues. This AI-based device offers technological advancements as a sex toy, providing a more realistic experience. The EZ-G device includes sensors that measure pressure, temperature, conductivity, and heart rate, enabling a customized user experience controlled via a Bluetooth app on a smartphone.
The company has recently celebrated several milestones, including the successful completion of the laboratory testing phase for the EZ-G device and the filing of multiple patents to secure intellectual property rights. Additionally, BYND Cannasoft has significantly expanded its global presence, closing an underwritten public offering that raised approximately $2.6 million, and it has received a license from the Israeli Ministry of Health to engage in the medical cannabis market.
Under the leadership of CEO and Director Yftah Ben Yaackov, BYND Cannasoft is poised to make significant strides in women's health and medical cannabis research while driving sustainability and innovation. The company continues to form strategic partnerships and collaborations to advance its mission and deliver cutting-edge solutions to consumers worldwide.
For further information, please visit the company’s website at www.cannasoft-crm.com, the CSE’s website at www.thecse.com/en/listings/life-sciences/bynd-cannasoft-enterprises-inc, and on SEDAR at www.sedar.com.
BYND Cannasoft Enterprises (Nasdaq: BCAN) announced a successful Nasdaq uplisting, increasing its market capitalization from $100 million to $150 million, a 50% rise. The company is progressing with its proprietary CRM, Benefit CRM, now ready for BETA testing, and is developing a new CRM tailored for the medical cannabis sector. Notably, BYND Cannasoft acquired Zigi Carmel Initiatives, enhancing its assets by 494% to $33 million with the EZ-G device aimed at women's health. Looking ahead, the company aims to finalize patent registrations and expand its medical cannabis operations in 2023.
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.
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.
BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) aims to enter the global condom market, projected to reach USD 10.97 billion by 2030, with a patented double-faceted condom designed to enhance pleasure. The condom features a double pocket for lubricant to increase sexual enjoyment for both partners. This innovation aligns with market trends emphasizing product evolution, with consumer interest growing in flavored and CBD-infused lubricants. Yftah Ben Yaackov, CEO, indicated that successful patent approval could create significant value for the company.
BYND Cannasoft Enterprises (Nasdaq: BCAN) announced a new agreement to provide CRM software services to Family Line, a leading air conditioning company in Israel. The contract includes customized cloud-based modules aimed at enhancing operational efficiency in the consumer goods sector. CEO Yftah Ben Yaackov highlighted the substantial revenue opportunities in the air conditioning industry, which has seen consistent growth. With nearly 20 years of experience, BYND's Benefit CRM platform is expected to resonate well with small and medium enterprises.
BYND Cannasoft Enterprises (Nasdaq: BCAN) reported a significant 494% increase in assets to US$33 million for the nine months ending September 30, 2022. The company improved its gross profit margins from 49% to 58% and narrowed its net loss by 79% to $964,462. BYND Cannasoft is focused on its CRM SaaS platform, medical cannabis division, and the EZ-G device, which has received initial favorable evaluations for its patent. Plans include launching the EZ-G device in the US and Europe and developing proprietary cannabis-infused products pending full regulatory approvals.
BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) reported remarkable growth for the nine-month period ended September 30, 2022. Total assets surged by 494% to $33 million USD, while revenue increased by 10% to $227,954. Gross profit rose to 58% from 49% in 2021, and net loss significantly decreased by 79% to $964,462. The company also experienced a reduction in working capital to $3,135,692. Positive trends indicate a strengthening balance sheet, primarily driven by the acquisition of Zigi Carmel Initiatives and Investments Ltd.
BYND Cannasoft Enterprises (NASDAQ: BCAN) announced that the International Searching Authority provided a favorable non-binding opinion on the novelty of the EZ-G device, allowing expedited patent examination in jurisdictions like the US and Israel. The EZ-G device aims to deliver low-concentration CBD oils for female health issues. Following the acquisition of Zigi Carmel Initiatives, BYND is positioned to establish a sales and marketing strategy for this product. CEO Yftah Ben Yaackov expressed optimism about the device's potential, as it is reportedly unique in the market.
BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN) announced an agreement with Globus Pharma for the cultivation and distribution of medical cannabis products. The collaboration aims to drive significant revenues, pending full licensing from Israel's Medical Cannabis Unit. With over 100,000 medical cannabis permits in Israel, the market's value was approximately $264 million in 2021. CEO Yftah Ben Yaackov highlighted the potential benefits of the partnership for patient treatment options. The company also plans to introduce a unique Cannabis CRM platform, enhancing its operational capabilities in the medical cannabis sector.
BYND Cannasoft Enterprises (Nasdaq: BCAN) announces significant advancements in its corporate strategy during an interview with CEO Yftah Ben Yaackov. The company aims to capture 3% of Israel's $0.05 billion medical cannabis market through partnerships with licensed growers, moving closer to a full license for worldwide sales. President Biden's statements on marijuana reform could boost growth. BYND also acquired Ziggy Carmel Investments for $28 million, patenting a revolutionary CBD treatment device. Additionally, the partnership with the Weizmann Institute strengthens its CRM platform for the medical cannabis sector.
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