Strengthened Balance Sheet, Increased Gross Margins, and Reduced Expenses Allow Greater Focus on Growth Based on BYND Cannasoft’s CRM SaaS Platform, Medical Cannabis, and EZ-G Device
ASHKELON, Israel and VANCOUVER, British Columbia, Nov. 15, 2022 (GLOBE NEWSWIRE) — BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) (CST: BYND) (“BYND Cannasoft“or the”Company”) today announced its future growth plans after posting a 494% increase in its assets for the nine months 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 SaaS CRM platform, cannabis industry CRM platform, EZ-G business unit and Medical Cannabis division.
For the third quarter of 2022, BYND Cannasoft reported a 494% increase in assets to US$33 million. The company’s revenue increased 10% from the previous quarter, while its gross profit increased to 58% for the nine months ended September 30, 2022, from 49% for the same period in 2021. During the same period, BYND Cannasoft reduced its net loss by 79% to $964,462 from $4,554,519 for the first nine months of 2021. As of September 30, 2022, BYND Cannasoft had 37,736,810 shares outstanding, of which 65% are owned by initiates.
BYND Cannasoft Enterprises Inc. owns, develops, markets and sells its cloud-based customer relationship management (CRM) software, Benefit CRM, as a SaaS to some of Israel’s best-known companies. Benefit CRM enables small and medium-sized businesses 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 customers 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 the acquisition of Zigi Carmel Initiatives & Investments Ltd., which owns the intellectual property of the patent-pending EZ-G device. At that time, BYND Cannasoft announced its intention to pursue the patent and establish a marketing and sales system for the EZ-G device based on B2B and B2C sales. Since the completion of the acquisition, the company has announced that the examiner of the international PCT application has determined that one of the inventions comprising the EZ-G device is new and inventive. The patent could potentially cover other areas of the recession-proof personal defensive product market. BYND Cannasoft intends to market the EZ-G device in the United States and Europe. Product revenue could be significant and will begin in the third quarter of 2023. More information on the EZ-G device is available at Youtube.
BYND Cannasoft Enterprises intends to work with strategic partners to develop and commercialize proprietary cannabis products for Israeli and global markets. BYND Cannasoft received initial approval from the Medical Cannabis Unit of 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 company Together Pharma Ltd (TA: TGTR), for the cultivation, production and distribution of medical cannabis products. The company expects to generate significant revenue from the sale of these medical cannabis products which will be exclusively marketed and distributed by BYND Cannasoft in Israel through Globus Pharma, pending issuance of a full license by the MCU. Once the Company receives the license, it can implement the agreements it has signed with various producers for the marketing and sale of the Company’s private label.
CRM platform for the cannabis industry
BYND Cannasoft Enterprises seeks to transform the cannabis industry into a more organized, accessible and price transparent marketplace. Building on its 20 years of experience in CRM software, BYND Cannasoft has developed a revolutionary new CRM platform designed to meet the needs of the medical cannabis industry. This new Cannabis CRM platform could potentially become the “virtual marketplace” for all medical cannabis players. The CRM and ERP system will allow growers to gain deep insight into all aspects of running a cannabis farm by making them more aware of their costs and inventory. The ERP system will help cannabis producers manage their day-to-day business activities such as supply chain operations, accounting, procurement, project management, risk management, and compliance.
BYND Cannasoft offers a beta version of its Cannabis CRM software provided as SAAS to the Weizmann Institute of Science in Israel, 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 disease, chemotherapy side effects, MS, and Crohn’s disease. The beta version includes BYND Cannasoft’s CRM system – Task Management (BENEFIT) and a module system (CANNASOFT) for managing farms and greenhouses with various crops. BYND Cannasoft Enterprises provided the Weizmann Institute with free use of the license for one year, after which the institute could extend the agreement according to the terms of the contract.
About BYND Cannasoft Enterprises Inc.
BYND is an Israeli embedded software and cannabis company.
BYND owns and markets proprietary customer relationship management (CRM) software, 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 operations, 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 recently began development of an innovative new CRM platform, designed specifically to meet the needs of the medical cannabis industry. This new platform will be the first of its kind in the field of medical cannabis and the Company is convinced that it will transform the industry into a more organized, accessible and transparent market on prices. The data and information collected through the operation of the Cannabis Farm (see below) and the products it manufactures will allow BYND to test its new Cannabis CRM platform and adjust the platform if necessary. Additionally, the operation of the Cannabis Farm and the sale of medical cannabis will generate additional revenue to further support BYND in the early years of its cannabis CRM platform deployment.
Trade in medical cannabis
BYND holds an initial approval from the Medical Cannabis Unit of the Ministry of Health of the State of Israel, for a non-contact commercial license which allows the trade of medical cannabis products without contact with the actual substance. This is a unique license that is only held by a limited number of companies in Israel. The company is in the process of obtaining the full license and immediately upon 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 manufactured for the Company and marketed to pharmacies while paying a commission to the producer for the cultivation and processing of the substance. The Company anticipates that if the license is obtained in the next few months, it will be possible to commercialize the products immediately and capture a significant market share which can generate significant revenues for the Company.
For more information please refer to the information available on the Company’s website: www.cannasoft-crm.comCSE website: www.thecse.com/en/listings/life-sciences/bynd-cannasoft-enterprises-inc and on SEDAR: www.sedar.com.
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Caution 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”, “fly”, “hear”, “plan”, “anticipate”, “believe”, “estimate”, “will expect” and similar expressions are intended to identify forward-looking statements. These 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 demands and delays, and factors discussed in the Company’s filings with Canadian securities regulators, including (without limitation) in the Company’s management report. for the nine-month period ended September 30, 2022 and the Annual Information Form dated October 8, 2022, which are available under the Company’s profile at www.sedar.com, and in filings with the United States 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 the assumptions underlying the forward-looking statements prove incorrect, actual results could differ materially from those described herein. as planned, planned, anticipated or expected. We do not intend and assume no obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to place undue reliance on these forward-looking statements.