Israeli Cannabis Leader Announces Suspension of Medical Facility, Plans to Move Into Femtech – BYND Cannasoft Enterprise (NASDAQ:BCAN)

Cannasoft Enterprises BCAN announced Tuesday that it would halt construction of its medical cannabis cultivation facility to pivot to the Femtech sector.

Cannasoft, an Israeli cannabis company, successfully raised funds last month, but has now decided to redirect the funds towards its new business strategy: women’s tech wellness. Attempts to reorient their business plans are driven by negative changes in the global medical cannabis market. Additionally, the ongoing war involving Israel and the facility’s location near the Gaza border have raised concerns about the safety of the construction plans. The board plans to review this decision in July 2024.

Looking Ahead: Femtech and Cannabis

Cannasoft specializes in management software for the cannabis industry with its proprietary CRM software. In addition to software development, the company is already active in manufacturing with the EZ-G device that uses CBD oil. The EZ-G is a sex toy aiming for mass production in China in early 2024.

The announced strategic change aims to expand the company’s presence in an industry characterized by rapid growth in recent decades. The femtech landscape appears interesting as a company

circumnavigates the negative economic cycle.

“Femtech includes reproductive health, pregnancy, lactation care, pelvic and uterine care and more.” the company specified in a press release. Women have a significant impact on the healthcare industry, the company noted. Women make up 50% of healthcare consumers worldwide, and approximately 90% of women are the primary healthcare decision-makers in their homes. Additionally, women are 75% more likely than men to use digital health tools.

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