Israeli Cannabis Technology Company BYND
Cannasoft Enterprises Inc. Files EZ-G Patent Application to Include
Double Faceted Condom
ASHKELON, Israel and Vancouver -- 02 December 2022 -- InvestorsHub
NewsWire -- British Columbia (December 1, 2022) BYND Cannasoft
Enterprises Inc. (Nasdaq:
BCAN) (CSE: BYND)
("BYND Cannasoft" or the "Company") announced today the filing of
a patent application for its EZ-G device to include an innovative
double-faceted condom design. The double-faceted condom is designed
to help treat various problems related to intimate relationships
while making the sexual experience much more pleasurable for
everyone involved.
BYND Cannasoft intends to design its double-faceted condom to
enhance pleasure and comfort while increasing the use of protection
during sex and lowering the number of sexually transmitted
infections. According to the patent application, the condom will
have a double pocket that will contain a lubricant that is released
evenly when used. The advantage of this type of condom is the
possibility of diluting the lubricants with natural oils, such as
CBD, at low concentrations. The oil will be evenly dispersed which
is designed to alleviate difficulties in intimate relationships and
increase pleasure for both partners.
Post COVID-19, the condom market is expected to increase by more
than USD 4 billion from 2021 to 2026, while the market's growth
momentum is expected to accelerate at a CAGR of 9.31%. Demand for
condoms is increasing from both male and female consumers, and
rising competition in the market has led vendors to focus actively
on improving their R&D operations. Condom manufacturers also
focus on differentiating themselves from their competitors by
offering condoms with different flavors, sizes, textures, and
materials.
Yftah Ben Yaackov, CEO and Director of
BYND Cannasoft, said, "The filing of our patent application
for the EZ-G device to include a double-faceted condom design could
create additional value for BYND Cannasoft. Should we be successful
with the examination of our patent application, the global condom
market is fragmented, but growing significantly. Many of the
leading vendors are opting for the acquisition of small and
medium-sized vendors to increase their revenue share in the market.
We will keep our shareholders updated on this new development."
About BYND Cannasoft Enterprises
Inc.
BYND is an Israeli-based integrated software and cannabis
company.
CRM Software
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.
Cannabis CRM
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.
Gabi Kabazo
Chief Financial Officer
Tel: (604) 833-6820
e-mail: ir@cannasoft-crm.com
For Media and Investor Relations, please contact:
David L. Kugelman
(866) 692-6847 Toll Free - U.S. & Canada
(404) 281-8556 Mobile and WhatsApp
dk@atlcp.com
Skype: kugsusa
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.
Forward-looking statements in this press release include, without
limitation, the expectation that the company obtains approval for
the expanded EZ-G patent application, the expected benefits of the
double-faceted condom design to users and the anticipated creation
of additional value for BYND Cannasoft, and the expected increase
in the size of the condom market. Additional regulatory standards
may be required, including FDA approval or any other approval for
the purpose of manufacturing, marketing, and selling the device
under therapeutic indications. There is no certainty that the
aforementioned approvals will be received, and all the information
below is forward-looking. 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, 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 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 factors 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.