AUSTIN, Texas, Oct. 25, 2022 (GLOBE NEWSWIRE) — SmallCapVoice.com Inc. (“SCV”) announces the availability of a new interview with Yftah Ben Yaackov, CEO of BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) (CSE: BYND) (“BYND” or the “Company”), to discuss several corporate achievements that are moving the Company forward in its growth strategy.
The full interview can be viewed at: https://youtu.be/Bkw3zrvUw78
BYND is an integrated software/cannabis company focused on the development of its customer relationship management (CRM) platform for the medical cannabis market, along with the advancement of certain products and initiatives. Though based in Israel, Ben Yaackov acknowledges that BYND is poised to benefit from marijuana policy reform in the United States.
“We can see a spirit of change in the marijuana classification status and it could really unlock enormous growth and support for the U.S. cannabis industry,” Ben Yaackov tells SCV’s Stuart Smith, referring to President Biden’s recent statements on decriminalizing marijuana on a federal level.
“We can only assume that these actions will valuate much higher in the years to come,” he says. “This is great and important news for our cannabis products business – of course the medical cannabis software that we developed – and especially our EZ-G device … I can only assume that these actions that the White House is starting to take– and that eventually, hopefully lead to a full legalization – will increase the valuation of this business greatly.”
In Israel, BYND aims to capture 3% of the country’s US$0.05 billion medical cannabis products market by working with a licensed Israeli grower to produce and distribute various BYND private-branded medical cannabis products for pharmacies and pharmacy chains in Israel.
In line with this strategy, the Medical Cannabis Unit at Israel’s Ministry of Health recently granted BYND an initial approval to engage in medical cannabis. This approval moves the Company to the final stage of obtaining a full license to sell its cannabis products worldwide without coming in direct contact with the substance.
Ben Yaackov explains the multiple benefits of this special license and how its post-license strategy will generate revenues without heavy investments in resources and operations.
“You get into an agreement with an existing licensed grower in Israel or a manufacturer that has the license to grow and manufacture medical cannabis, and this company will give you all the services for all the chain without you even touching the substance in all the chain works,” he says, noting that only six or seven companies in Israel have obtained this type of license. “We do believe that in around two months from now, we will get the full license and eventually you can see our medical cannabis products on the shelves of pharmacies in Israel. The main issue here is that you can save a lot of money from not having to build and operate fancy and expensive facilities, which cost millions of millions of dollars. You can save all this money and be very negotiable to the market … this will bring us significant revenues in the upcoming years and the expenses will be very low.”
BYND doesn’t shy away from investments, but it does maintain a strategic approach that enables it to grow specific areas of focus. One example is its recent $28 million acquisition of Ziggy Carmel Investments Ltd., which holds a patent pending for unique products in the field of CBD treatment, including the EZ-G device for treating vaginal problems using CBD oil.
“It’s nothing less than revolutionary from our side,” says Ben Yaackov, discussing the product and studies that support the use of CBD to reduce symptoms associated with a variety of chronic problems in the female reproductive system.
“We plan to act in the coming year to complete the patent registration around the world, handle the regulation of the device, finish building the prototype and start production, along with operating a marketing sales system that we are working on right now.”
The interview with SCV also highlights a significant achievement regarding BYND’s CRM platform. In September, BYND announced that its Beyond Solutions subsidiary had signed an agreement with the Weizmann Institute of Science in Israel for the use of its proprietary software.
“This is one of the most significant things that we did,” says Ben Yaackov, explaining the gravity of the joint venture. “The Weizmann Institute is one of the biggest and distinguished science institutes in the world. It has a long history of … advancing science for the benefit of humanity. It has been a very special pioneer of research of CBD use to treat various conditions.”
Per the agreement, BYND has granted the Weizmann Institute the free use of a beta version of its CRM software, along with a unique model created for managing cannabis farms and greenhouse, for one year. After the initial year, BYND will charge the Weisman Institute for continued use of its software at the typical customer rate.
“[This agreement] is a huge leap in R&D for us. If you want to develop a good software for medical cannabis growers, you must test every single thing that you can think of, and this is thousands of parameters,” says Ben Yaackov. “Understand that the development and the R&D will be very unique and very special. This is a big, big leap for us in order to bring to the world a very serious software.”
To view the full interview with SCV, visit: https://youtu.be/Bkw3zrvUw78
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 centre activities and asset management. BYND’s next generation Benefit CRM platform is nearing completion and will be ready for BETA testing shortly.
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.
BYND is in the process of securing approval for the transfer of a primary growing license for growing medical cannabis in Israel and intends to construct a 3.7 acre farm facility near Ashkelon Israel, to grow medical cannabis. The Company’s plans include the construction of 4 state of the art greenhouses, housing approximately 2.5 acres of total growing area. BYND estimates that, once fully operational its Cannabis farm facility will be able to produce 7,500kg of raw cannabis each year. BYND also intends to work with strategic partners to develop and market new, proprietary cannabis infused products for sale throughout Israel and for export.
For Further Information please refer to information available on 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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Chief Financial Officer
Tel: (604) 833-6820
Stuart T. Smith
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