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Friday, Dec 9, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

BYND posts 494% increase in assets and improved gross profits

The company narrowed its net losses by approximately $3.5 million since last year

BYND posts 494% increase in assets, narrows net losses and improves gross profits
'The future is together.' Photo via Together Pharma

BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) (CSE: BYND) has had some financial success this year and expects it to continue into the future.

On Tuesday, the Israeli software and cannabis company announced that it had posted a 494 per cent increase in assets for the nine-month period concluding at the end of September this year for a total of approximately $44.2 million

The company’s revenue also increased by 10 per cent in Q3 this year compared to the previous quarter and it saw a 9 per cent increase in gross profits for the first three quarters of 2022 in comparison to 2021.

Read more: Cannabis research bill reaches Biden’s desk for signature

Read more: Flora Growth builds lab in Bogota, offers acne treatments

During the same nine-month period this year, BYND lowered its net losses by 79 per cent to around $960,000 from $4.5 million in 2021.

The company sells its cloud-based customer relationship management (CRM) software to Israeli companies and also produces and distributes a patented “EZ-G” device used for treating problems with the female reproductive system through the use of CBD. The organization has 20 years of experience with CRM software.

BYND recently signed an agreement with Globus Pharma Ltd, a subsidiary of Together Pharma Ltd (TA: TGTR) for the cultivation, production and distribution of medical pot. The company anticipates substantial revenue generation through the sale of those medical cannabis products and it will market and distribute the goods in Israel through Globus Pharma.

BYND also announced a new software contract on Thursday with one of Israel’s leading air conditioning providers, Family – Line Air Conditioner Company.

Company stock increased by 5.56 per cent today to $0.25 on the Canadian Securities Exchange.

 

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