$10.97 Billion Potential Global
Condom Market Could be a Key Driver of Growth for Israeli Cannabis
Technology Company BYND Cannasoft Enterprises
A patent pending Double-faceted
condom to enhance sexual pleasure marks BYND Cannasoft's entry in a
multi-billion-dollar market
ASHKELON, Israel and Vancouver, British Columbia (December 5, 2022)
-- InvestorsHub NewsWire -- BYND Cannasoft Enterprises Inc.
(Nasdaq: BCAN) (CSE: BYND) ("BYND
Cannasoft" or the "Company") announced today it is aiming
to enter into the global condom market, which is expected to grow
to USD $10.97 billion by 2030. The company intends to offer
consumers a revolutionary design for sexual pleasure as it expands
its patent for its EZ-G device to include an innovative
double-faceted condom design. According to the patent application, the
double-faceted condom will have a
double pocket containing lubricant to heighten both partners'
sexual pleasure.
The Global Condom
Market is
expected to grow from USD 5.31 billion in 2021 to USD 10.97 billion
by 2030, according to an August 2022 report from Custom Market
Insights. Condom sales increased through online platforms during
the pandemic, as constant lockdowns and restrictions on movement
impacted demand. The report states, "Innovations in the existing
products will drive market growth in the coming years. Most of
these products available in the market are comfortable and reduce
any hindrance in the procedure." An increase in cases of hormonal
imbalance due to prolonged consumption of oral pills will also have
an impact on the growth of the market during this forecast
period.
ONE,
the first and only condoms approved by the U.S. Food and Drug
Administration for use in anal sex, and sold
at Walmart stores in the
U.S., is designed with 50 percent more lubricant. Consumer
preferences have resulted in many condom manufacturers marketing
flavored condoms to appeal to the younger generation. In
2021 Durex
Condoms launched extra
thin condoms in various flavors for the Indian market. Existing
manufacturers of condoms followed suit and are providing new
products targeting oral sex in different flavors. Oral sex is a
significant means of contracting sexually transmitted diseases
(STDs) should the person at the receiving end can come into contact
with the affected person's blood, sexual fluids, or skin. Since
traditional latex condoms for oral sex are unappealing to most
consumers, many condom manufacturers have introduced condoms with
various flavors to take advantage of the growth in the sexually
active population.
BYND
Cannasoft intends to design its double-faceted condom to enhance
pleasure and comfort while increasing the use of protection during
sex and lowering the number of sexually transmitted infections.
According to the patent application, the condom will have a double
pocket that will contain a lubricant that is released evenly when
used. The advantage of this type of condom is the possibility of
diluting the lubricants with natural oils, such as CBD, at low
concentrations. The oil will be evenly dispersed which is designed
to alleviate difficulties in intimate relationships and increase
pleasure for both partners.
Intimate partners could use lubricants like CBD with the
double-faceted condom to improve the quality of sex. CBD for sex
has become increasingly popular for many reasons, such as
eliminating pain from chronic conditions like endometriosis. Other
reasons CBD has become increasingly popular for sex include
increasing pleasure, easing stress and performance anxiety, and
setting the right mood. The reason for this increase in lubricants
containing CBD is that reproductive organs and sexual tissue have
many cannabinoid receptors. CBD increases sensitivity and promotes
the body's natural lubrication by increasing blood flow to these
tissues. Many consumers report that CBD relaxes their muscles and
allows for much more enjoyable sex, enabling them to focus on
intimacy.
Yftah Ben Yaackov, CEO and Director
of BYND Cannasoft, said, "The
expansion of our patent for the EZ-G device to include a
double-faceted condom design could create additional value for BYND
Cannasoft. Should we be successful with our patent application, the
global condom market is fragmented, but growing significantly. Many
of the leading vendors are opting for the acquisition of small and
medium-sized vendors to increase their revenue share in the market.
We will keep our shareholders updated on this new
development."
Some
of the key players in the condom business include:
-
Church & Dwight Co., Inc.
(Trojan)
-
Reckitt Benckiser Group
(Durex)
-
Fuji Latex Co.,
Ltd.
-
Veru, Inc.
-
Mayer Laboratories,
Inc.
-
Okamoto Industries,
Inc.
-
Karex Berhad
-
Lelo
-
LifeStyles Healthcare Pte
Ltd.
-
Cupid Limited
About BYND Cannasoft Enterprises
Inc.
BYND is an Israeli-based integrated software and cannabis
company.
CRM Software
BYND owns and markets a proprietary customer relationship
management (CRM) software product, known as "Benefit CRM". BYND's
Benefit CRM software enables 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. BYND's next-generation Benefit CRM platform
is now ready for BETA testing.
Cannabis CRM
Building on its 20 years of experience in CRM software, BYND has
recently begun development of an innovative new CRM platform,
designed specifically to serve the needs of the medical cannabis
industry. This new platform will be the first of its kind for the
medical cannabis field and the Company is confident it will
transform the industry into a more organized, accessible and price
transparent market. Data and information collected through the
operation of the Cannabis Farm (see below) and the products it
produces will allow BYND to test its new Cannabis CRM platform and
adjust the platform as necessary. Additionally, operating the
Cannabis Farm and selling medical cannabis will bring in additional
revenue to further support BYND during the initial roll-out years
of its cannabis CRM platform.
Medical Cannabis
Business
BYND holds an initial approval from the Medical Cannabis Unit in
the Ministry of Health of the State of Israel, for a contactless
business license that allows trading in medical cannabis products
without contact with the actual substance. This is a unique license
that is held by only a limited number of companies in Israel. The
Company is in the final stages of obtaining the full license and
immediately after receiving it, the Company plans to operate
through a licensed medical cannabis farm for the production of the
Company's private label for various products and varieties. The
products will be produced for the Company and marketed to the
pharmacies while paying a commission to the grower for the
cultivation and processing of the substance. The Company
anticipates that if the license is received in the coming months,
it will be possible to market the products immediately and capture
a significant market share which can generate significant income
for the Company.
For Further Information
please refer to information available on the Company's website:
www.cannasoft-crm.com,
the CSE's website: www.thecse.com/en/listings/life-sciences/bynd-cannasoft-enterprises-inc
and on SEDAR: www.sedar.com.
Gabi Kabazo
Chief Financial Officer
Tel: (604) 833-6820
e-mail: ir@cannasoft-crm.com
For Media and Investor Relations, please contact:
David L. Kugelman
(866) 692-6847 Toll Free - U.S. & Canada
(404) 281-8556 Mobile and WhatsApp
dk@atlcp.com
Skype: kugsusa
Cautionary
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve
risks and uncertainties, which may cause actual results to differ
materially from the statements made. When used in this document,
the words "may", "would", "could", "will", "intend", "plan",
"anticipate", "believe", "estimate", "expect" and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements in this press release include, without
limitation, the expectation that the company obtains approval for
the expanded EZ-G patent application, the expected benefits of the
double-faceted condom design to users and the anticipated creation
of additional value for BYND Cannasoft. Additional regulatory
standards may be required, including FDA approval or any other
approval for the purpose of manufacturing, marketing, and selling
the device under therapeutic indications. There is no certainty
that the aforementioned approvals will be received, and all the
information below 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 nine month period ended September
30, 2022 and annual information form dated October 8, 2022, which
are available under the Company's profile at www.sedar.com,
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. Shareholders
are cautioned not to put undue reliance on such forward-looking
statements.