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Israel’s Ministry of Health, through its Medical Cannabis Division, has given Cannasoft, a subsidiary of BYND Cannasoft Enterprises Inc., initial approval to engage in medical cannabis without direct contact with the substance, The Canadian Business Journal

  • The approval by the Israeli Ministry of Health’s Medical Cannabis Division was provided as part of the process of obtaining a full license to practice medical cannabis without direct contact with the substance, which allows for the trading of medical cannabis products through contracts. rice field. With a licensed cannabis grower in Israel.
  • The Israeli medical cannabis product market has approximately 150,000 users and annual sales of approximately $500 million. BYND Kanna Soft We plan to capture approximately 3% of this market, which is expected to translate into approximately US$15 million in sales.

ASHKELON, ISRAEL, VANCOUVER, BC, OCTOBER 18, 2022 (GLOBE NEWSWIRE) — BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN) (CSE: BYND) (“BYND Cannasoft” or “Company”) today announced it has received its first approval from the Medical Cannabis Division of the Israeli Ministry of Health to engage in medical cannabis without direct contact with the substance. Cannasoft received this initial approval as part of the process of obtaining a full license allowing it to trade medical cannabis products through contracts with licensed cannabis growers in Israel. Cannasoft is in the final stages of obtaining a full license.

The standardization of the medical cannabis sector in Israel is one of the first in the world. It is an innovative and original process that has gone to great lengths to provide medical care in accordance with regulated medical methods and practices.

The Medical Cannabis Division of the Israeli Ministry of Health has set high standards in the field of medical cannabis in Israel to reduce waiting times and ensure patient access to services and procurement of cannabis products.

Upon receipt of the full license, Cannasoft will enter into agreements with licensed Israeli growers to produce and distribute the various medical cannabis products that make up our private brand for all pharmacies and pharmacy chains in Israel. will be implemented and implemented immediately. The company has a penetration strategy in the Israeli medical cannabis product market and currently has approximately 150,000 users and annual sales of approximately $500 million. BYND Cannasoft expects to capture about 3% market share (worth about $15 million) within a year of bringing the product to market. The company has completed several additional requirements for the medical cannabis sector in recent months. With this initial approval and the completion of these additional requirements, we are close to obtaining a full license.

Yftah Ben Yaackov, CEO and Director of BYND, said: Our post-licensing strategy is to penetrate the Israeli and global cannabis product markets immediately after Israeli regulators approve the export of cannabis products from Israel. Our business plan allows you to achieve this without investing heavily in resources or setting up and operating a growing facility. Yaackov continued, “In this way, BYND Cannasoft will be able to realize its goal of generating significant revenues from the sale of cannabis products, while saving the company significant costs for this purpose. ”

About BYND Cannasoft Enterprises Inc.

BYND is an integrated software/cannabis company based in Israel.

CRM software

BYND owns and sells its own Customer Relationship Management (CRM) software product known as “Benefit CRM”. BYND’s Benefit CRM software enables small businesses to optimize their daily operations such as sales management, human resources management, marketing, call center activities and asset management. BYND’s next-generation Benefit CRM platform is now ready for beta testing.

Cannabis CRM

Based on 20 years of experience in CRM software, BYND recently started developing a revolutionary new CRM platform specifically designed to serve the needs of the medical cannabis industry. This new platform is a first in the medical cannabis space and we believe it will transform the industry into a more organized, accessible and price transparent marketplace. The data and information collected through the operation of the Cannabis Farm (see below) and the products it produces will allow BYND to test the new Cannabis CRM Platform and adjust the Platform as necessary. Additionally, operating a cannabis farm and selling medical cannabis will provide additional revenue to further support BYND during the initial rollout period of the Cannabis CRM platform.

medical cannabis business

BYND has received initial approval from the Israeli Ministry of Health’s Medical Cannabis Division for a contactless business license that allows the trading of medical cannabis products without contact with the substance. This is a unique license held only by a limited number of companies in Israel. The company is in the final stages of obtaining a full license and will soon begin producing its own brand of products and strains through its licensed medical cannabis farms. The products are produced for the company, sold to pharmacies, and farmers are paid commissions for cultivation and processing. The company expects that if it is licensed in the coming months, it will be able to sell the product quickly, capture a significant market share, and generate significant profits.

For more information, visit our website: www.cannasoft-crm.com, CSE’s website: www.thecse.com/en/listings/life-sciences/bynd-cannasoft-enterprises-inc, and SEDAR: www.sedar Please refer to. .com.

Gabi Cabazo
CFO
Phone: (604) 833‐6820
Email: [email protected]-crm.com

For media and investor information, please contact:

David L. Kugelman
(866) 692-6847 Toll Free – USA and Canada
(404) 281-8556 Mobile and WhatsApp
[email protected]
Skype: Kugusa

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, and actual results may differ materially from those described. As used in this document, “may”, “could”, “could”, “will”, “intend”, “plan”, “forecast”, “believe ”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this press release include the statement that BYND Cannasoft expects to obtain a full license to engage in contactless medical cannabis in the near future, with approximately 3 market shares. but not limited to: %, sales equivalent to approximately $15 million, less than one year of product launch on store shelves, and statements regarding other business plans of the Company. Such statements reflect our current views regarding future events and are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the published statements, including unanticipated regulatory requests and delays. These factors include, but are not limited to, the factors described in our filings with the Canadian securities regulators, including, but not limited to, our management’s discussions and analyses. Data for the six months ended June 30, 2022 are available on the company profile at www.sedar.com and in filings with the U.S. Securities and Exchange Commission. If one or more of these risks and uncertainties, such as fluctuations in currency or interest rates, increased competition or general economic or market factors, occurs, or the assumptions underlying the forward-looking statements are not correct, If not, actual results could differ materially from those stated herein. Intended, planned, anticipated, or expected. We disclaim any intention or obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to place undue reliance on such forward-looking statements.

Neither the US Securities and Exchange Commission nor the CSE have confirmed, approved or disapproved of the contents of this press release.


CBJ Newsmaker

Israel’s Ministry of Health, through its Medical Cannabis Division, has given Cannasoft, a subsidiary of BYND Cannasoft Enterprises Inc., initial approval to engage in medical cannabis without direct contact with the substance, The Canadian Business Journal

Source link Israel’s Ministry of Health, through its Medical Cannabis Division, has given Cannasoft, a subsidiary of BYND Cannasoft Enterprises Inc., initial approval to engage in medical cannabis without direct contact with the substance, The Canadian Business Journal

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