BYND posts 494% increase in assets and improvement in gross profit

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BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) (CSE: BYND) has seen some financial success this year and expects that to continue in the future.

On Tuesday, the Israeli software and cannabis company announced that it had recorded a 494% increase in its assets for the nine-month period ending at the end of September this year to a total of approximately $44.2 million. .

The company’s revenue also rose 10% in the third quarter of this year compared to the previous quarter and it recorded a 9% increase in gross profits for the first three quarters of 2022 compared to 2021.

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In the same nine-month period this year, BYND cut its net losses by 79% 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 to treat female reproductive system issues through the use of the 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 expects to generate substantial revenue from the sale of these medical cannabis products and will market and distribute the products in Israel through Globus Pharma.

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

Shares of the company rose 5.56% today to $0.25 on the Canadian Stock Exchange.

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