- Approval by the Medical Cannabis Unit at the Ministry of Health of the State of Israel was provided as part of the process of obtaining a full license to engage in medical cannabis without direct contact with the substance that will allow trading in medical cannabis products through an agreement with a licensed cannabis grower in Israel.
- The medical cannabis products market in Israel has approximately 150,000 users with an annual sales volume of about US$0.5 billion; BYND Cannasoft intends to capture approximately 3% of this market, which is expected to translate into approximately US$15 million in sales
VANCOUVER, British Columbia and ASHKELON, Israel, October 18, 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.