BYND Cannasoft Enterprises Inc. BCAN BYND 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.
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.
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