Israel’s Ministry of Health, through the Medical Cannabis Unit, granted BYND Cannasoft Enterprises Inc.’s Subsidiary, Cannasoft an Initial Approval to Engage in Medical Cannabis Without Direct Contact with the Substance
October 19th, 2022
BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN) (CSE: BYND) (“BYND Cannasoft” or the “Company”) announced today that it received initial approval to engage in medical cannabis without direct contact with the substance from the Medical Cannabis Unit at the Ministry of Health of the State of Israel. Cannasoft received this initial approval as part of the process to obtain a full license that allows trading in medical cannabis products through an agreement with a licensed cannabis grower in Israel. Cannasoft is in the final stage of obtaining the full license.
The standardization of the medical cannabis field in Israel is among the first in the world. It is an innovative and original process utilizing considerable efforts to provide medical care according to a regulated medical method and practice.
The Medical Cannabis Unit at the Ministry of Health of the State of Israel has set high standards in the field of medical cannabis in Israel to shorten waiting times and makes the service and procurement of cannabis products accessible to patients.
Upon receipt of the full license, Cannasoft intends to immediately implement and execute an agreement with a licensed Israeli grower to produce and distribute various medical cannabis products that constitute the Company’s private brand for all pharmacies and pharmacy chains in Israel. The Company has a penetration strategy for the medical cannabis products market in Israel, which currently has about 150,000 users with an annual sales volume of about half a billion dollars. BYND Cannasoft intends to capture a market share of about 3%, worth about $15 million in sales, within a year of putting its products on store shelves. The Company has completed several additional requirements of the Medical Cannabis Unit in recent months. Receiving this initial approval, along with the completion of these additional requirements, brought the Company closer to obtaining the full license.
Yftah Ben Yaackov, CEO and Director of BYND, said, “We anticipate that as long as there are no unforeseen circumstances, Cannasoft will receive a full license to engage in medical cannabis without direct contact in the near future. Our strategy post-license will be to penetrate the cannabis products market in Israel and globally immediately after the approval of the Israeli regulator for the export of cannabis products from Israel. Our business plan allows us to accomplish this without investing heavily in resources and establishing and operating cultivation facilities.” Mr. Yaackov continued, “In this way, BYND Cannasoft will be able to realize its goal of generating significant revenues from the sale of cannabis products while saving significantly on the Company’s expenses for this purpose.”
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 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 will 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. 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.
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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, the statement that BYND Cannasoft anticipates that it will receive a full license to engage in medical cannabis without contact in the near future, that it intends to capture a market share of about 3%, worth about $15 million in sales, within a year of putting its products on store shelves, and statements as to the Company’s other business plans. 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, 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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