Israeli Cannabis Technology Company BYND Cannasoft Enterprises Inc. Announces Third Quarter 2022 Financial Results
November 10th, 2022
BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN, CSE: BYND) (“BYND” or the “Company”), has released its financial results for the nine-month period ended September 30, 2022. Full versions of BYND’s unaudited consolidated interim financial statements and management discussion and analysis for the period, can be found on www.sedar.com.
Q3 2022 Financial Highlights:
- Revenue increased 10% to $227,954 for the three-month period ended September 30, 2022 from $207,653 for the previous quarter
- Gross Profit increased to 58% for the nine-month period ended September 30, 2022 from 49% for the same period in 2021.
- Net loss decreased 79% to $964,462 for the nine-month period ended September 30, 2022 from $4,554,519 for the same period in 2021.
- Working capital decreased to 3,135,692 for September 30, 2022 from $5,487,201 for December 31,2021.
- Total assets increased to $44,488,072 for September 30, 2022 from $7,490,722 for December 31,2021.
- Total shares outstanding as of September 30, 2022 were 37,736,810.
Summary of Quarterly Comparison of Revenue, Gross Profit and Net Loss
|Q3 2022||Q2 2022||Q1 2022||Q4 2021||Q3 2021||Q2 2021||Q1 2021|
*Includes a one-time non-recurring non-cash $4,394,390 listing expense incurred due to the Business Combination Transactions and the company’s listing of its shares on the CSE.
Mr. Yftah Ben Yaackov, BYND’s CEO noted that “We are very pleased with the financial results of the Company during the first nine months of 2022 as we have continued our trend from prior periods of increasing gross margins while decreasing overall losses. We have strengthened our balance sheet with the acquisition of Zigi Carmel Initiatives and Investments Ltd. and believe the EZ-G device will create significant value for our shareholders.”
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 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.
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. 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 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 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.
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