Israeli Cannabis Technology Company BYND Cannasoft Enterprises Inc. and Matrix Medika to Explore Further (FDA) Development of the EZ-G Device
October 24th, 2022
BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN) (CSE: BYND) (“BYND Cannasoft” or the “Company”) announced today that it entered into a consulting service with Matrix Medika, a developer of medical systems specialized in assisting companies in obtaining regulatory approval for medical devices under development. The service will be given as part of the agreement with Arkit Studio, a company that provides the service of characterization and design for the EZ-G Device.
Matrix Medika will assist BYND Cannasoft by granting expert opinion and market research about the regulatory approval process for the Company’s EZ-G device in Europe and the US, including FDA regulation, should such approval be required. Matrix Medika has specialized in the development of medical systems since 2008. Its track record and familiarity with healthcare related regulatory processes and standards are expected to lead to shorter development cycles and better-quality control at a lower cost. After receiving the opinion, BYND Cannasoft will extend the consulting service with Matrix Medika for all phases of development of its EZ-G device from inception to include planning, design, development, and testing.
Last month BYND Cannasoft announced the acquisition of Zigi Carmel Initiatives & Investments Ltd., which holds the intellectual property for the patent-pending EZ-G device. The EZ-G device is a CBD-based therapeutic device combined with proprietary software that regulates the flow of low-concentration CBD oils into the soft tissues of the female reproductive system.
BYND Cannasoft intends to pursue the final registration of the patent and establish a marketing and sales system for the EZ-G device. The Company’s ‘Go to Market’ strategic plan is based on both B2B and B2C sales. Numerous studies have shown beneficial CBD interaction with the endocannabinoid system, a master regulatory system with receptors around the body.
Yftah Ben Yaackov, CEO and Director of BYND, said, “Our commitment to our shareholders is to bring the EZ-G device to market as quickly as possible. Matrix Medika has worked with numerous medical companies and startups to assist them with getting high-quality healthcare projects and software to market quickly and within budget. Some of the companies currently listed on Matrix Medika’s website include McKesson, NovelDSP, Sanara Ventures, Vibrant, Next Generation Technologies, and Novoxel. We believe their expertise in medical and technological regulation will allow us to bring the EZ-G device to market in a much more expeditious manner than we could on our own.”
About BYND Cannasoft Enterprises Inc.
BYND is an integrated software/cannabis company, based in Israel.
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.
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 is expected to 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 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.
Chief Financial Officer
Tel: (604) 833‐6820
For Media and Investor Relations, please contact:
David L. Kugelman
(866) 692-6847 Toll Free – U.S. & Canada
(404) 281-8556 Mobile and WhatsApp
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. The forward-looking statements in this press release include, without limitation, that the patents for the EZ-G device for which application has been made will be issued and will cover all markets in which it is intended that the EZ-G device will be sold, that all necessary regulatory approvals to the sale of the EZ-G device will be obtained in a timely manner, and that the Company will receive a full contactless business license that will allow trading in medical cannabis products without contact with the substance, immediately following which the Company will operate through a licensed medical cannabis farm for the production of private label products. 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, 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 six month period ended June 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 risks and uncertainties, such as currency and interest rate fluctuations, increased competition, and general economic and market 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. Shareholders are cautioned not to put undue reliance on such forward‐looking statements.
Neither the U.S. Securities and Exchange Commission nor the CSE has reviewed, approved or disapproved the content of this press release.
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