BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN) (CSE: BYND) is an integrated software/cannabis company, based in Israel.
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
- BYND Cannasoft Enterprises Inc. has been marketing its proprietary CRM software known as Benefit CRM to approximately 400 clients with a monthly recurring revenue model for close to 20 years.
- BYND Cannasoft Enterprises could be entering a phase of unprecedented growth as it introduces its new CRM platform to meet the needs of the medical cannabis industry.
- According to the Israeli Medical Cannabis Agency, as of November 2021, Israel had 110,000 medical cannabis license holders.
- In addition to helping cannabis growers manage their day-to-day business activities, BYND Cannasoft's New Cannabis CRM Platform could ultimately become the "virtual marketplace" for all stakeholders in medical cannabis.
- BYND Cannasoft Enterprises Inc. Signs Agreement for the Acquisition of Israeli-Based Zigi Carmel Initiatives & Investments Ltd. In a Share Swap Agreement Valued at US $28 Million
ZC owns the patent pending intellectual property for a CBD-based therapeutic device combined with software designed to treat phenomena related to women’s health issues by regulating the flow of low-concentration CBD oils into the soft tissues of the female reproductive system.
Q2 2022 Financial Highlights
- According to an August 12, 2022 press release, BYND Cannasoft Enterprises recently reported financial results for the six months ending June 30, 2022. Complete versions of BYND Cannasoft Enterprises' financial statements can be found on www.sedar.com.
- As a result of the move toward its cannabis CRM platform, BYND Cannasoft Enterprises posted revenue of $662,932 for the first half of 2022, compared with $662,728 for the same period in 2021.
- Gross Profit increased to 59% for the first half of 2022 from 48% for the same period in 2021.
- Net loss decreased 86% to $638,669 for the first half of 2022 from $4,543,591 for the same period in 2021.
- Working capital decreased to 3,988,467 for June 30, 2022 from $5,487,201 for December 31,2021.
- The total number of shares outstanding as of June 30, 2022, was 29,670,083.
Cannabis Farm
- It is currently working on transferring the initial permit for the cultivation and multiplication of medical cannabis according to the partnership agreement with the Bzizinsky family. After its transfer, the company will operate for the planning and construction of a growing facility in Moshav Kochav Michael.
- The company has completed the planning and placement of an internal breeding facility and has applied for a breeding license.
- BYND Cannasoft Enterprises has applied for a license to trade in medical cannabis "without contact with the substance," also known as a constructive license. After receiving the permit, the company can implement agreements it has signed with various growers for marketing and selling the company's private label.
BYND Cannasoft Enterprises plans to develop its cannabis farm near Ashkelon, Israel, on 3.5 acres (15 dunams) of land with an option to expand the farm to twice that size. The IMC-GDP license is an exclusive license issued by the Ministry of Health – The Israeli Medical Cannabis Unit for importing, distributing, and storing cannabis for medical use in a designated facility. BYND Cannasoft Enterprises aims to receive the IMC-GMP licenses within the year and will mainly export to Germany once regulation permits.
BYND Cannasoft Enterprises is in the final stages of obtaining its license. Immediately after receiving its license, the company management said it would have products on the shelves. During this time, BYND Cannasoft Enterprises has obtained a separate license that allows the company to enter into a contract with one of the existing growers in Israel to build a private label of products for the company.
BYND Cannasoft Enterprises intends to market these products to pharmacies to generate revenues without the required investment in establishing and operating a growing facility. The agreement with the grower includes marketing in Israel and the marketing of BYND Cannasoft Enterprises’ brand to Germany through the grower’s growing farm in Uganda.
BYND Cannasoft Enterprises’ plans include the construction of 4 state-of-the-art greenhouses, housing approximately 2.5 acres of total growing area. The company estimates that, once fully operational, its Cannabis farm facility will be able to produce 7,500 kg, or 16,534 pounds, of raw cannabis each year.
BYND Cannasoft Enterprises also intends to work with strategic partners to develop and market proprietary cannabis-infused products for the Israeli and global markets. The data and information collected through the operation of the cannabis farm and the products it produces will also allow BYND Cannasoft Enterprises to test its new Cannabis CRM platform and adjust the platform as necessary.
BYND Cannasoft Enterprises’ long-term goal is to leverage its cannabis farm business to assist in developing its New Cannabis CRM Platform. Utilizing data from growing, harvesting, and selling medical cannabis at its cannabis farm, BYND Israel can optimize its New Cannabis CRM Platform to offer stakeholders in the Cannabis industry a state-of-the-art resource that will enhance their businesses.
