Traders News Source Senior Editor, Mark Roberts Interviews Yftah Ben Yaackov, CEO BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN)
Yftah Ben Yaackov CEO and Director
Professional lawyer since 2004. Specialized in real estate related issues on all aspects of it including real estate corporations, complex sales transactions, real estate unions, real estate taxation. Notary License holder since 2014. Managed large projects of tens of thousands Square meters for a total amount of above 400 million NIS. At the last 5 years yftah has assembled the business activity of 2 of the largest medical cannabis company’s in Israel and has an enormous experience and knowledge in this field.
Thank you giving us your time to answer our questions.
Could you give us a brief overview of your company’s current operations and revenue streams?
The company has 3 main arms: medical cannabis trading, software, and the EZ-GProduct
Medical Cannabis Trading:
The company holds an initial permit for trading in medical cannabis without contact with the substance and plans to receive the final license in the coming weeks, this license gives the company the opportunity to contract with existing growing farms for the purchase of medical cannabis, its transfer for processing in the factory and for packaging and for sale in pharmacies
The company has an agreement with Together Pharma, which is one of the largest growing and processing companies in Israel for the purchase of hundreds of kilograms of medical cannabis and its processing in a factory in both Israel and Uganda, and the company will receive Together’s services for the distribution of the Beyond Cannasoft brand in Israel and Germany.
At the same time, the company applied for preliminary approval for the construction of an Indore farm with a size of about 3,000 square meters, as well as an application for the transfer of an existing license owned by one of the company’s partners to the name of the company, and this license grants the possibility of building a greenhouse facility of about 15,000 square meters.
There is currently no revenue from medical cannabis, it is estimated that with the receipt of the license without contact with the substance soon we will begin to see revenues in this area
Regarding the establishment of the farms, the regulation is heavy and long, and the growing field is beginning to become a bit crowded and problematic, and therefore we are acting very carefully in this regard in light of the extensive investments required in it.
Our subsidiary, Bind Beyond Israel, has been providing software services for over 20 years to private and institutional entities in Israel including banks, insurance companies and government and security institutions.
The company’s main area of activity is big data and CRM services.
For over a year and a half, the company has been working on building software dedicated to the field of medical cannabis for assimilation in growing farms and factories in the field.
Our main breakthrough in this matter was about a month ago when one of the leading research institutes in the world – the Weizmann Institute of Science, asked to install the software in the Institute’s habitats and a long-term agreement was signed between the parties on the matter – the agreement has not yet been reported to the public, the implementation of the software will enable rapid and significant development and entry to large customers.
Revenue from the software sector currently stands at several million dollars a year
We are in the final stage of acquiring Ziggy Carmel, a company that holds patents in the field of treating vaginal problems using CBD oils in various concentrations such as hemp seeds oil and others.
Upon completion of the transaction in the coming week, we will work to develop and market the product in the US and Europe
Revenues from the product in our assessment will be significant (also according to the opinion of BDO) and will begin in the third quarter of 2023
Could you describe your customer relationship management (CRM) software product, Benefit CRM?
In addition to the above, it can be noted that Benefit software is a user-friendly software, with high interfacing capabilities and managing databases efficiently and wisely
How many clients use Benefit CRM, and can you name some of them?
Today, the company has several dozen customers in Israel, the leaders being the Weizmann Institute of Science, the largest insurance company in Israel – Harel Insurance and dozens of customers from the retail sector.
BCAN has announced its expansion into the Cannabis market on a couple of levels. When will the new Cannabis CRM product be in the market and how does it differ from Benefit CRM?
The new Benefit software for the field of medical cannabis is already ready for work and is installed both at the Weizmann Institute of Science, this is not a difference between the programs but a complementary interface to the main software, database management is conducted using Benefit software while the software is given to the company a special extension to the field of medical cannabis which includes all the elements required for the management and monitoring of crops in this field
Is there a marketing plan in place for Cannabis CRM?
There is a general strategy according to which in the coming year we will continue to develop the software in collaboration with the Weizmann Institute of Science and then turn to marketing the software in Israel and around the world.
The company has also announced an upcoming “Cannabis Farm” operation. When will that farm be operational, and can you describe the operation?
As noted above, in the near future we will focus on trading in medical cannabis through the license for contactless occupation that we plan to receive very soon and in the process we will generate revenues from our private brands that will be produced by Together Pharma, the plan for the establishment of the farms we will implement subject to the appropriate capital raising and with caution and monitoring of the changes that apply in the field of cultivation.
How will BCAN monetize the crop yields from the Cannabis farm?
See the answer above
What would be your biggest upcoming catalyst for shareholders?
Investment and development in the EZ-G device
Can you describe your future vision for BCAN?
I expect that alongside the company’s development and increased sales from the field of medical cannabis products and sales from medical cannabis software, the company’s significant leap both in terms of its exposure to the public and investors and in terms of significant revenues will come from the development, marketing, and sale of the EZ-G product, which undoubtedly constitutes a unique and interesting and innovative product.
Thank you for your time,
The Traders News Team
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