BYND Cannasoft Provides Business Update
Vancouver, British Columbia --News Direct-- BYND Cannasoft Enterprises
ASHKELON, Israel and VANCOUVER, British Columbia – TheNewswire – March 26, 2024 - BYND Cannasoft Enterprises Inc. (Nasdaq:BCAN) (“BYND Cannasoft” or the “Company”) an Israeli-based integrated software company, announced today that following the significant fundraising carried out by the company in the past month, the Company intends to use the liquid funds to penetrate into the developing global Femtech sector while suspending plans for the construction of the Company’s planned medical cannabis growing facility and focusing on trying to acquire companies, mainly in the field of CBD and Femtech business.
Decision to suspend the construction of the medical cannabis facility
The Company’s board of directors’ decision to suspend activities related to construction of the Company’s planned medical cannabis growing facility was taken in light of management’s observation of significant negative changes in the medical cannabis market around the world, and particularly in Israel, that have taken place since the time the Company was established primarily in the cannabis farms line of business (due to consolidation in the industry, the economic viability for construction of a cannabis farm is low and the increase in the number of cannabis farms in Israel that have recently went out of business). The Board also considered the lack of funds for the required budget for the construction of the facility, and the ongoing war involving the State of Israel and the proximity of the area designated for cultivation to the border with Gaza. The Company’s board of directors intends to revisit the suspension in July 2024.
Female Technology (Fem-Tech)
As part of the Company's new strategy and following the development of the EZ-G Device, aimed at the technology field of the female wellness world, the Company intends to work to further pursue business opportunities in the world of Femtech.
To this end, the Company intends to focus in the coming years on the development of additional products for the female wellness world, both at the level of technology and at the level of materials, some of which we expect will be CBD-based.
About the Femtech sector
"According to Straits Research, “The global femtech market size was valued at USD 45.75 billion in 2022. It is estimated to reach USD 139.51 billion by 2031, growing at a CAGR of 13.12% during the forecast period (2023–2031).” * Women have a significant impact on the healthcare industry. Women constitute fifty percent of healthcare consumers worldwide. Approximately ninety percent of women are the primary healthcare decision-makers in their homes. Additionally, women are 75% more likely than males to utilize digital healthcare tools. Approximately 80% of healthcare providers are female, with the preponderance being nurses. Women's participation in various sectors promoting healthcare can impact the adoption of femtech solutions.
Femtech or female technology consists of software, diagnostic devices, and products that target women's health using technology. The primary areas of emphasis include reproductive health, pregnancy and lactation care, pelvic and uterine care, and more. Additionally, femtech companies provide remedies for fundamental health problems, such as osteoporosis, that affect women more frequently or differently than men. Femtech encompasses using digital health to encourage women to access and utilize applications for managing their health concerns." *
*https://finance.yahoo.com/news/global-femtech-market-size-estimated 152000742.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAADxu1hPZubc8wPMpkhk3CuMheA6quYhXQcUbsUG0MZH0gz1TGIKsOsyex9GtqEWHcy430Cf9lyBhKNOgnHW8YW-eTbo3xQ5bqlhdr4YsFWf2pHC5xd14-RfauhVe4yQfGU1kqNEkA1jcOSO4JEpJj_H3eE0QBxNn6lOZAQyF5XmV
About BYND Cannasoft Enterprises Inc.
BYND Cannasoft Enterprises is an Israeli-based integrated software and cannabis company. BYND Cannasoft owns and markets "Benefit CRM", a proprietary customer relationship management (CRM) software product enabling 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. Building on 20 years of experience in CRM software, BYND Cannasoft is developing an innovative new CRM platform to serve the needs of the medical cannabis industry by making it a more organized, accessible, and price-transparent market. The Cannabis CRM System will include a Job Management (BENEFIT) and a module system (CANNASOFT) for managing farms and greenhouses with varied crops.
BYND Cannasoft owns the patent-pending intellectual property for the EZ-G device. This therapeutic device uses proprietary software to regulate the flow of low concentrations of CBD oil, hemp seed oil, and other natural oils into the soft tissues of the female reproductive system to potentially treat a wide variety of women's health issues. The EZ-G device includes technological advancements as a sex toy with a more realistic experience and the prototype utilizes sensors to determine what enhances the users' pleasure. The user can control the device through a Bluetooth app installed on a smartphone or other portable device. The data will be transmitted and received from the device to and from the secure cloud using artificial intelligence (AI). The data is combined with other antonymic user preferences to improve its operation by increasing sexual satisfaction. Commercialization of the EZ-G device is subject to receipt of regulatory approvals.
For further information please refer to information available on the Company’s website: www.cannasoft-crm.com, and on SEDAR+: www.sedarplus.ca.
Gabi Kabazo Chief Financial Officer Tel: (604) 833-6820 e‐mail: ir@cannasoft-crm.com
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain statements that may be deemed “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended and under Canadian securities laws. When used in this press release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward‐looking statements. Such statements, which include but are not limited to planned business activities, are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements.
Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such 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 future financial performance, unanticipated regulatory requests and delays, final patents approval, 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 year ended December 31, 2022 and annual information form dated March 31, 2023, which are available under the Company's profile at www.sedarplus.ca, and in the Company’s Annual Report on Form 20-F for the year then ended that was filed with the U.S. Securities and Exchange Commission on April 27, 2023. Should one or more of these 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. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Shareholders are cautioned not to put undue reliance on such forward‐looking statements.
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