Tel Aviv Listed Together Pharma’s Subsidiary Globus Pharma Ltd and BYND Cannasoft Enterprises’ Subsidiary Sign First Commercial Agreement for Medical Cannabis Products
VANCOUVER, British Columbia and ASHKELON, Israel, Oct. 27, 2022 (GLOBE NEWSWIRE) -- BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN) (CSE: BYND) ("BYND Cannasoft" or the "Company") announced today its Israeli subsidiary signed an agreement with Globus Pharma LTD, a subsidiary of Israeli-based Together Pharma Ltd (TA: TGTR), for the cultivation, production, and distribution of medical cannabis products that are expected to generate significant revenues for the company before costs of manufacturing and distribution fees. The manufacturing of the medical cannabis products will adhere to BYND Cannasoft's instructions and stringent standards. These products will be exclusively marketed and distributed by BYND Cannasoft in Israel through Globus Pharma. Due to their safety profile and strong therapeutic efficacy, the products are based on strains developed by Together Pharma and selected exclusively by BYND Cannasoft.
BYND Cannasoft’s agreement with Together Pharma will take effect upon the issuance of a full license by the Medical Cannabis Unit at the Ministry of Health of the State of Israel (the “MCU”). While BYND Cannasoft has received initial approval from the MCU to engage in medical cannabis without direct contact with the substance, there is no guarantee that it will receive a full license.
Israel has emerged as one of the leading countries for the consumption of medical cannabis in the world. According to Israel's Health Ministry, more than 100,000 Israeli citizens have medical cannabis permits, a 1,600 percent increase over the past decade. Regulations governing the research, cultivation, processing, distribution, and sale of cannabis remain extremely strict. Israel's Health Ministry estimated that medical cannabis consumption increased to 43 metric tons in 2021, from 28.5 million in 2020. According to Prohibition Partners, an industry analysis firm, Israel's medicinal cannabis market had an approximate value of $264 million in 2021, roughly $7 million less than all of Europe's.
Yftah Ben Yaackov, CEO and Director of BYND, said, “The medical cannabis arena is being commercialized rapidly in Israel, and we expect to see more development in Israel and worldwide. Many of today's decision-makers in the pharmaceutical industry and the medical community understand the benefits produced by specific cannabis strains." Mr. Yaackov continued, "The products BYND Cannasoft plans to bring to market may provide additional treatment options and respond to the unmet medical needs of patients. After an in-depth and lengthy review, we partnered with Together Pharma because we knew we could have a tremendous impact on the community. The high-quality medical cannabis Together Pharma produces in accordance with BYND Cannasoft's high quality and safety standards - will help us realize our goal of improving patients' lives."
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 the 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. 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 plans to operate through a licensed medical cannabis farm, to produce 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 soon, statements as to the Company’s other business plans and statements as to the ability to capture significant market share and generate significant income. 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 and in its annual information form for the year ended December 31, 2021, 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. Readers 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.