VANCOUVER, British Columbia and ASHKELON, Israel, October 24, 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.