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Friday, 5 April 2024, 21:00 HKT/SGT

Source: BYND Cannasoft Enterprises Inc.
The $7 Billion CBD Market in 2023 is Focused on Significant Growth in Personal Care

ASHKELON, Israel and VANCOUVER, British Columbia, Apr 5, 2024 - (NewMediaWire) - BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) (“BYND Cannasoft” or the “Company”) to utilize the "Razor-and-Blade" model* for its EZ-G device.

* https://www.fool.com/investing/2017/01/13/razor-and-blade-model-what-is-it-what-companies-ha.aspx

Disposable Capsules

The business model built for the EZ-G device is based on the purchase of the device and the repurchase of various types of oil capsules.  In this way, the Company intends to maximize revenue while turning its customers into repeat purchasers of the variety of oils that the Company will offer.

The Company is in advanced stages of product characterization of the first series of oil capsules, some of which will be based on CBD. This is done in partnership with Foria®, a U.S based manufacturer of high-quality female wellness CBD oils.

Growth in use of CBD for personal care

The CBD market is expected to grow to $36 billion within a decade* due to a sharp increase in demand of oils for personal care, with the oil's properties evident in various fields.

The Company seeks to harness the virtues of CBD combined with the rising demand for personal care and, through the EZ-G device, to integrate the oils into the user experience.

The Company works together with Foria to produce a series of oils that will be specially adapted for women for both pleasure as well as therapy and are expected to create a "long-term contract" between the users and the Company for the regular repurchase of the oil's capsules.

Initially, the Company will use two types of oils without CBD and two types based on CBD, which can be purchased in capsules together or separately with the EZ-G device immediately after it is released to the market.  

* https://finance.yahoo.com/news/cannabidiol-market-soars-usd-36-075200774.html

CBD Skin Care Market

The CBD skin care market is growing sharply year over year and by 2023 has reached $3 billion with estimates to reach $32 billion within a decade*.

The Company plans to penetrate this field through new concept devices that have entered development and that through CBD oil capsules can provide facial and scalp care benefits.

Smart cosmetic face device, utilizing smart release technology alongside interchangeable CBD serum capsules. This innovation allows users to seamlessly transition between treatments, catering to a variety of skin needs.

In the hair wellness arena, the Company's proprietary technology has given rise to an innovative hair growth brush, designed to optimize hair treatment. By combining LED light therapy, gentle vibrations, and essential CBD capsules, this brush aims to foster an ideal environment for hair growth, ensuring comprehensive care for every hair follicle.


About BYND Cannasoft Enterprises Inc.

BYND Cannasoft Enterprises is an Israeli-based integrated software company. BYND Cannasoft owns and markets "Benefit CRM", a proprietary customer relationship management (CRM) software product enabling 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 Cannasoft owns the patent-pending intellectual property for the EZ-G device. This therapeutic device uses proprietary software to regulate the flow of low concentrations of CBD oil, hemp seed oil, and other natural oils into the soft tissues of the female reproductive system to potentially treat a wide variety of women's health issues. The EZ-G device includes technological advancements as a sex toy with a more realistic experience and the prototype utilizes sensors to determine what enhances the users' pleasure. The user can control the device through a Bluetooth app installed on a smartphone or other portable device. The data will be transmitted and received from the device to and from the secure cloud using artificial intelligence (AI). The data is combined with other antonymic user preferences to improve its operation by increasing sexual satisfaction. Commercialization of the EZ-G device is subject to receipt of regulatory approvals.

The devices described in this news release are concept devices that are in the first stage of development and will be subject to testing, experiments and regulatory approvals and therefore there is no certainty that they will eventually be marketed.

For further information please refer to information available on the Company’s website: www.cannasoft-crm.com, and on SEDAR+: www.sedarplus.ca.

Gabi Kabazo
Chief Financial Officer
Tel: (604) 833-6820
e-mail: ir@cannasoft-crm.com

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain statements that may be deemed “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended and under Canadian securities laws. When used in this press release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements.

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such 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 future financial performance, 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 year ended December 31, 2023 and annual information form dated April 2, 2024, which are available under the company's profile at www.sedarplus.ca, and in the Company’s Annual Report on Form 20-F for the year then ended that was filed with the U.S. Securities and Exchange Commission on April 3, 2024. Should one or more of these 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. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

Topic: Press release summary
Source: BYND Cannasoft Enterprises Inc.

Sectors: Healthcare & Pharm, Cannabis
From the Asia Corporate News Network

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