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(Globe Newswire) Vancouver — BYND Cannasoft Enterprises Inc. plans to formulate a proprietary CBD oil and brand through a licensed grower in Israel for distribution outside of Israel for its new artificial intelligence (AI) based device and its EZ-G device.
BYND Cannasoft will utilize the knowledge and technology associated with its recent patent application to create various products, some of which will be combined with CBD oils at low concentrations or other non-drug oils to increase pleasure in intimate relationships. BYND Cannasoft plans to market these products for its new AI-based device and its EZ-G device, like that of the razor/razor blade model.
By selling the durable base product at a low-profit margin, the company can sell the associated proprietary consumable goods at a higher profit margin to generate recurring revenues. The company intends to utilize the full license its Cannasoft Pharma subsidiary received from the Medical Cannabis Unit at the Ministry of Health of the State of Israel to engage in medical cannabis without direct contact with the substance to develop its proprietary CBD oils for its new AI-based device and its EZ-G device.
BYND Cannasoft also plans to utilize its license to market additional cannabis products in Israel. In 2022 Israel imported more than 33,000 kg of medical cannabis, in comparison to a total of 22,000 kg in 2021, mainly from Canada, Portugal, South Africa and Lesotho, making Israel the largest importer of medical cannabis products in the world.
Researchers in Israel have studied the medical applications of cannabis since the 1960s. Raphael Mechoulam and Yechiel Gaoni of the Hebrew University of Jerusalem made significant discoveries in the field when they isolated THC from cannabis in 1964. A 2017 survey showed that 27 per cent of Israelis between 18 and 65 had used cannabis in the last year, a sharp increase from 8.8 per cent in 2009.
The standardization of the medical cannabis field in Israel is among the first in the world. This standardization results from the Medical Cannabis Unit at the Ministry of Health of the State of Israel setting strict criteria to make the service and procurement of cannabis products accessible to patients.
“The Israeli cannabis market is a significantly growing market, and the field of medical cannabis generates hundreds of millions of dollars a year. Our Cannasoft Pharma subsidiary receiving a license from the Medical Cannabis Unit at the Ministry of Health of the State of Israel to engage in medical cannabis without direct contact with the substance is a key point in our business plan. The products we plan to bring to market may provide additional treatment options and respond to the unmet medical needs of patients. We will continue to pursue these unmet needs in this growth-oriented market and our AI-based products.” — Yftah Ben Yaackov, CEO and director, BYND
Israel has emerged as one of the leading countries for the consumption of medical cannabis in the world. According to Israel’s Health Ministry, more than 100,000 Israeli citizens have medical cannabis permits, which is a 1,600 percent increase over the past decade. Israel’s Health Ministry estimated that medical cannabis consumption increased to 43 metric tons in 2021 from 28.5 million in 2020.
According to Prohibition Partners, an industry analysis firm, Israel’s medicinal cannabis market had an approximate value of $264 million in 2021, roughly $7 million less than all of Europe’s. The medical cannabis products market in Israel has approximately $500 million in annual sales volume. BYND Cannasoft intends to capture approximately 3 per cent of this market, potentially generating $15 million in sales.
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