BYND Cannasoft Enterprises received initial approval to engage in medical cannabis without direct contact with the substance from the Medical Cannabis Unit at the Ministry of Health of the State of Israel. Cannasoft received this initial approval as part of the process to obtain a full license that allows trading in medical cannabis products through an agreement with a licensed cannabis grower in Israel. Cannasoft is in the final stage of obtaining the full license.
The standardization of the medical cannabis field in Israel is among the first in the world. It is an innovative and original process utilizing considerable efforts to provide medical care according to a regulated medical method and practice.
The Medical Cannabis Unit at the Ministry of Health of the State of Israel has set high standards in the field of medical cannabis in Israel to shorten waiting times and makes the service and procurement of cannabis products accessible to patients.
Upon receipt of the full license, Cannasoft intends to immediately implement and execute an agreement with a licensed Israeli grower to produce and distribute various medical cannabis products that constitute the Company's private brand for all pharmacies and pharmacy chains in Israel. The Company has a penetration strategy for the medical cannabis products market in Israel, which currently has about 150,000 users with an annual sales volume of about half a billion dollars. BYND Cannasoft intends to capture a market share of about 3%, worth about $15 million in sales, within a year of putting its products on store shelves. The Company has completed several additional requirements of the Medical Cannabis Unit in recent months. Receiving this initial approval, along with the completion of these additional requirements, brought the Company closer to obtaining the full license.
Yftah Ben Yaackov, CEO and Director of BYND, said, "We anticipate that as long as there are no unforeseen circumstances, Cannasoft will receive a full license to engage in medical cannabis without direct contact in the near future. Our strategy post-license will be to penetrate the cannabis products market in Israel and globally immediately after the approval of the Israeli regulator for the export of cannabis products from Israel. Our business plan allows us to accomplish this without investing heavily in resources and establishing and operating cultivation facilities." Mr. 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 significantly on the Company's expenses for this purpose."
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