494% Increase in Assets to US$33 million Israeli Cannabis Technology Company BYND Cannasoft Enterprises Inc. Poised for Growth
ASHKELON, Israel and VANCOUVER, British Columbia, Nov. 15, 2022 (GLOBE NEWSWIRE) -- BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) (CSE: BYND) (“BYND Cannasoft” or the “Company”) announced today future plans for growth after posting a 494% increase in assets for the nine-month period ended September 30, 2022. The Company also posted improved operating results and strengthened its balance sheet during the period. BYND Cannasoft plans to focus on its four business units, which include its proprietary CRM SaaS platform, its CRM platform for the Cannabis industry, Its EZ-G business unit, and its Medical Cannabis division.
For the third quarter of 2022, BYND Cannasoft posted a 494% increase in assets to US$33 million. The Company’s revenue increased by 10% from the previous quarter, while its gross profit increased to 58% for the nine months that ended September 30, 2022, from 49% for the same period in 2021. During the same period, BYND Cannasoft narrowed its net loss by 79% to $964,462 versus $4,554,519 for the first nine months of 2021. As of September 30, 2022, BYND Cannasoft had 37,736,810 shares outstanding, 65% of which are owned by insiders.
BYND Cannasoft Enterprises Inc. owns, develops, markets, and sells its cloud-based customer relationship management (CRM) software, Benefit CRM, as SaaS to some of Israel's most recognizable companies. Benefit CRM enables small and medium-sized enterprises to optimize day-to-day functions, such as sales management, workforce management, contact center operations, and asset management. The Company has been marketing its Benefit CRM to approximately 400 clients with a monthly recurring revenue model for nearly 20 years.
BYND Cannasoft’s EZ-G device is a unique, patent-pending device that, combined with proprietary software regulates the flow of therapeutic liquids, such as CBD oils, into the soft tissues of the female reproductive system. BYND Cannasoft recently completed its acquisition of Zigi Carmel Initiatives & Investments Ltd., which holds the intellectual property for the patent-pending EZ-G device. At that time, BYND Cannasoft announced plans to pursue the patent and establish a marketing and sales system for the EZ-G device based on B2B and B2C sales. Since completing the acquisition, the Company announced that the Examiner of the international PCT application has determined that one of the inventions comprising the EZ-G device is novel and inventive. The patent could potentially cover other areas of the defensive, recession-proof personal products market. BYND Cannasoft intends to market the EZ-G device in the US and Europe. Revenues from the product could be significant and will begin in the third quarter of 2023. More information on the EZ-G device is available on YouTube.
BYND Cannasoft Enterprises intends to work with strategic partners to develop and market proprietary cannabis-infused products for the Israeli and global markets. BYND Cannasoft has received initial approval from the Medical Cannabis Unit at the Ministry of Health of the State of Israel (the "MCU") to engage in medical cannabis without direct contact with the substance; there is no guarantee that it will receive a full license.
BYND Cannasoft recently 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. The Company expects to generate significant revenues from the sale of these medical cannabis products that will be exclusively marketed and distributed by BYND Cannasoft in Israel through Globus Pharma, pending the issuance of a full license by the MCU. Once the Company receives the permit, it can implement agreements it hassigned with various growers for marketing and selling the Company's private label.
CRM Platform for the Cannabis Industry
BYND Cannasoft Enterprises is looking to transform the cannabis sector into a more organized, accessible, and price transparent market. Building on its 20 years of experience in CRM software, BYND Cannasoft has developed a revolutionary new CRM platform designed to serve the needs of the medical cannabis industry. This New Cannabis CRM Platform could potentially become the "virtual marketplace" for all stakeholders in medical cannabis. The CRM and ERP system will allow growers a deep insight into all aspects of managing a cannabis farm by making them more aware of their costs and inventory. The ERP system will help cannabis growers manage their day-to-day business activities like supply chain operations, accounting, procurement, project management, risk management, and compliance.
BYND Cannasoft has a beta version of its Cannabis CRM software provided as SAAS at Israel's Weizmann Institute of Science, one of the world's leading multidisciplinary primary research institutions in the natural and exact sciences. The Weizmann Institute of Science has pioneered research using CBD to treat conditions as diverse as glaucoma, Parkinson's, chemotherapy side effects, MS, and Crohn's Disease. The beta version includes BYND Cannasoft's C.R.M. System - Job Management (BENEFIT) and a module system (CANNASOFT) for managing farms and greenhouses with varied crops. BYND Cannasoft Enterprises provided the Weizmann Institute a permit to use the license free of charge for one year, after which the institute could extend the agreement under the terms of the contract.
About BYND Cannasoft Enterprises Inc.
BYND is an Israeli-based integrated software and cannabis company.
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 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 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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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. 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 nine month period ended September 30, 2022 and annual information form dated October 8, 2022, 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. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
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