- The stock price of BYND Cannasoft Enterprises (BCAN) surged by over 400% pre-market today. This is why.
The stock price of BYND Cannasoft Enterprises (BCAN) surged by over 400% pre-market today.
Why: BYND Cannasoft Enterprises announced that it has signed a share purchase agreement to acquire 100% ownership of Zigi Carmel Initiatives & Investments, which holds the patent-pending intellectual property for a therapeutic device (EZ-G device) that uses low concentrations of CBD oils, such as hemp seed oil and other natural oils, to treat certain women’s health issues.
Under the terms of the share purchase agreement, the company will issue to ZC’s owner 7.92 million common shares at a deemed price per share of $4.735 (subject to closing the transaction by October 10, 2022) and pay USD $100,000 to cover his legal expenses. The closing of the transaction is subject to certain customary conditions. BYND expects the transaction to close this month. The EZ-G device is a unique, patent-pending device that, combined with proprietary software (provisional application), regulates the flow of low-concentration CBD oils into the soft tissues of the female reproductive system.
BYND plans to pursue the final registration of the patent and establish a marketing and sales system for the EZ-G device. And the company’s ‘Go to Market’ strategic plan is based on combined B2B and B2C sales. Numerous studies have shown CBD interacts with the endocannabinoid system, a master regulatory system with receptors all around the body. By activating these receptors, CBD can have health benefits that help make sex more approachable and pleasurable by reducing stress, enhancing one’s mood, promoting body comfort, and treating vaginal issues.
“From the moment we complete the purchase of ZC, we plan to hit the ground running by initially securing any required regulatory approval from the appropriate authorities. We will continue to pursue the registration of the patent, which contain over 100 claims, prototype production and start validation tests, and contract with suppliers for the production of the device and the oils used in the EZ-G device.”
“The demand for a unique device combined with software, such as the EZ-G device, stems from the increasing occurrence of chronic conditions and the rising adoption of self-health management. Using a device at home is a very cost-effective treatment, and it opens up a vast channel for millions of women. We hope to use the knowledge we have gained in the medical cannabis field to significantly improve the quality of life of women suffering from symptoms such as those mentioned above.”
— Yftah Ben Yaackov, CEO and a Director of BYND