Share this story:

Israeli Cannabis Technology Company BYND Cannasoft Enterprises Inc. Announces First Quarter 2023 Financial Results

Femto Technologies Inc.

Vancouver, BC - TheNewswire - May 15, 2023 - BYND Cannasoft Enterprises Inc. (Nasdaq:BCAN) (CSE:BYND) (“BYND” or the “Company”), has released its financial results for three-month period ended March 31, 2023. Full versions of BYND’s unaudited consolidated interim financial statements and management discussion and analysis for the period, can be found on


Q1 2023 Financial Highlights:

  • Revenue decreased 8% to $420,635 in Q1 2023 from $455,279 in Q1 2022. 

  • Gross Profit decreased to 75% in Q1 2023 from 78% in Q1 2022 

  • Net loss increased 348% to $740,433 in Q1 2023 from $165,283 in Q1 2022. 

  • Working capital decreased to 2,219,456 for March 31, 2023 from $2,987,975 for December 31,2022. 

  • Total assets decreased to $48,916,130 for March 31, 2023 from $49,903,208 for December 31,2022. 

  • Total shares outstanding as of March 31, 2023 were 37,892,659. 

Summary of Quarterly Comparison of Revenue, Gross Profit and Net Loss


Q1 2023

Q4 2022

Q3 2022

Q2 2022

Q1 2022

Q4 2021

Q3 2021









Gross Profit








Net Loss









Mr. Yftah Ben Yaackov, BYND’s CEO noted that “We are very pleased with the financial results of the Company during Q1 of 2023 as we are able to keep revenues flat while investing in our future products. We continue investing in our patents registration and the creation of the EZ-G prototype and we plan to bring the products to the market before the end of 2023.”

About BYND Cannasoft Enterprises Inc.  

BYND Cannasoft Enterprises is an Israeli-based integrated software and cannabis company. BYND Cannasoft owns and markets "Benefit CRM," a proprietary customer relationship management (CRM) software product enabling small and medium‐sized businesses to optimize their day‐to‐day business activities such as sales management, personnel management, marketing, call center activities, and asset management. Building on our 20 years of experience in CRM software, BYND Cannasoft is developing an innovative new CRM platform to serve the needs of the medical cannabis industry by making it a more organized, accessible, and price-transparent market. The Cannabis CRM System will include a Job Management (BENEFIT) and a module system (CANNASOFT) for managing farms and greenhouses with varied crops. BYND Cannasoft owns the patent-pending intellectual property for the EZ-G device. This therapeutic device uses proprietary software to regulate the flow of low concentrations of CBD oil, hemp seed oil, and other natural oils into the soft tissues of the female reproductive system to potentially treat a wide variety of women's health issues. The EZ-G device includes technological advancements as a sex toy with a more realistic experience and the prototype utilizes sensors to determine what enhances the users' pleasure. The user can control the device through a Bluetooth app installed on a smartphone or other portable device. The data will be transmitted and received from the device to and from the secure cloud using artificial intelligence (AI). The data is combined with other antonymic user preferences to improve its operation by increasing sexual satisfaction.

For Further Information, please refer to information available on the Company’s website:, the CSE’s website: and on SEDAR:


Gabi Kabazo

Chief Financial Officer

Tel: (604) 833-6820



For Media and Investor Relations, please contact:

David L. Kugelman

(866) 692-6847 Toll Free - U.S. & Canada

(404) 281-8556 Mobile and WhatsApp

Skype: kugsusa


Cautionary Note Regarding Forward-Looking Statements


This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving risks and uncertainties, which may cause results to differ materially from the statements made. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this document, the words "may," "would," "could," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect," "potential," "continue," "strategy," "future," "project," "target," and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our male treatment device, our Cannabis CRM platform, our expanded EZ-G patent application, our market growth, our proprietary CBD oils, our new smart female treatment device and our objectives for future operations, are forward looking statements. Additional regulatory standards may be required, including FDA approval or any other approval for the purpose of manufacturing, marketing, and selling the devices under therapeutic indications. There is no certainty that the aforementioned approvals will be received, and all the information in this release is forward-looking. Such statements reflect the company's current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made, including unanticipated regulatory requests and delays, final patents approval, and those factors discussed in filings made by the company with the Canadian securities regulatory authorities, including (without limitation) in the company's management's discussion and analysis for the year ended December 31, 2022 and annual information form dated March 31, 2023, which are available under the company's profile at, and in filings made with the U.S. Securities and Exchange Commission. Should one or more of these factors occur, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward‐looking statements, except as required by law. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Shareholders are cautioned not to put undue reliance on such forward‐looking statements.