BYND Cannasoft: 3 Catalysts to Watch in 2023
Ryan Allway
January 5th, 2023
News, Top News
Most investors appreciate that stock prices reflect future expectations more than past results. After all, many “value stocks” trade at a discount despite strong existing businesses, whereas many “growth stocks” trade at a premium despite their lack of current revenue or income. As a result, the best opportunities often have numerous catalysts ahead of them.
BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN) (CSE: BYND) represents a unique opportunity in the cannabis (and cannabinoid) space with its innovative EZ-G device and medical cannabis plans.
Launching the EZ-G Device
BYND Cannasoft acquired the patent-pending intellectual property for the EZ-G device earlier this year. The therapeutic device uses low concentrations of CBD oil to treat female reproductive health issues, including candida, dryness, and scars. These conditions represent multi-billion-dollar addressable markets alone.
In addition to its therapeutic potential, the company expanded the patent to include an innovative double-faceted condom design with a double pocket containing lubricant to improve sexual experiences. These additions could help target the $60+ billion sex toy market with a unique product designed to enhance pleasure.
The company anticipates completing the development of the EZ-G device in 2023, bringing it closer to commercialization. If successful, the company could see significant near-term consumer demand for the innovative device in the recreational market while it pursues FDA and other regulatory approvals in the therapeutic market.
Obtaining a Cannabis License
BYND Cannasoft recently secured initial approval to trade medical cannabis without direct contact with the substance from the Israel Ministry of Health. The approval comes as part of the process to obtain a full license, enabling the company to trade in medical cannabis products through an agreement with a licensed cannabis grower.
In October 2022, the company secured an agreement with Globus Pharma Ltd. to cultivate, produce, and distribute medical cannabis products. The move enables it to provide products and strains that it co-develops with the licensed cannabis grower to target various niche segments of the medical cannabis industry.
The company anticipates completing the procedures for obtaining a license to trade in medical cannabis in the new year. If successful, the company could be well-positioned to generate significant profits from production and distribution to Israeli pharmacies. The company also hopes to expand distribution into the U.K. and Germany.
Scaling the Cannabis CRM
BYND Cannasoft’s legacy customer relationship management (CRM) business continues to drive revenue. But, building on its 20 years of experience, the company recently began developing a new CRM platform specifically targeting the medical cannabis industry. The goal is to make the industry more organized, accessible, and price transparent.
In October 2022, the company signed an agreement with the Weizmann Institute of Science to develop a beta version of its cannabis CRM. The product will help manage farms and greenhouses with varied crops. And in the new year, the company will continue advancing the product toward an eventual launch into the multi-billion dollar cannabis CRM market.
Looking Ahead
BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN) (CSE: BYND) has three significant catalysts that could help drive the stock price in 2023. Investors may want to keep an eye on the stock as it continues to advance its EZ-G and Cannabis CRM products, as well as work toward a medical cannabis distribution license.
For more information, visit the company’s website or complete the form below to download their investor presentation.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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