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  • BYND Cannasoft (BCAN) Surges in Afterhours Near Technical Breakout Point

    BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN) experienced a rollercoaster ride in Friday’s trading session, initially dropping by 2.8%. However, the real action happened after hours, as BCAN surged an astonishing 36%. This surge is even more impressive when considering the average trade volume of less than 500,000 shares, as BCAN traded 2.4 million shares during this period.

    BYND Cannasoft Enterprises is an Israeli-based integrated software and cannabis company. It owns and markets “Benefit CRM,” a proprietary customer relationship management software product designed for small and medium-sized businesses. The company is also developing an innovative CRM platform for the medical cannabis industry, aiming to create a more organized, accessible, and price-transparent market.

    Technical Assessment

    The recent price movement in BCAN is also significant from a technical analysis perspective. The stock is approaching a breakout point, with the potential to fill a previous gap created when BCAN dropped from $1.26 to $0.95 last month during extended hours trading. This gap has caught the attention of many traders who anticipate a strong surge in BCAN’s price.

    The sudden spike in BCAN’s price is notable, especially given the absence of any news to explain this surge. Some market watchers fear that this rapid increase could lead to a profit-taking dip in the coming days. Despite this concern, bullish investors are currently enjoying the ride.

    Strategic Announcements

    Two weeks ago, BCAN’s management announced a strategic shift in focus. Despite significant fundraising in the past month, the company has decided to suspend plans for the construction of a medical cannabis growing facility. Instead, BCAN intends to use its funds to penetrate the developing global Femtech sector and acquire companies in the CBD and Femtech businesses.

    The decision to suspend the construction of the medical cannabis facility was driven by several factors. These include significant negative changes in the medical cannabis market, particularly in Israel, where the economic viability of cannabis farms has decreased. The ongoing conflict involving the State of Israel and the proximity of the cultivation area to the Gaza border also influenced this decision.

    Insider Ownership and Broader Optimism

    BCAN’s insiders currently own 72.27% of the company, indicating a strong alignment of interests between management and shareholders. This significant insider ownership is generally seen as a positive sign for shareholders.

  • BYND Cannasoft Enterprises Inc. (BCAN) Surges Amid Cannabis Industry Optimism

    BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN) faced a tumultuous Friday, with shares plummeting nearly 4%. However, the weekend ushered in a surprising turn of events, as BCAN rebounded spectacularly, surging by an impressive 8.14% in the premarket hours.

    Background

    Established as an Israeli-based integrated software and cannabis company, BYND Cannasoft boasts a diverse portfolio, including the proprietary customer relationship management (CRM) software “Benefit CRM.”

    This innovative tool streamlines the operations of small and medium-sized businesses, offering solutions for sales management, personnel management, marketing, call center activities, and asset management. Leveraging two decades of CRM expertise, BYND Cannasoft is pioneering a cutting-edge CRM platform tailored for the medical cannabis industry, aiming to enhance market organization, accessibility, and price transparency.

    Notably, BCAN holds the patent-pending intellectual property for the EZ-G device, a therapeutic innovation designed for women’s health. Integrating proprietary software, this device administers controlled doses of CBD oil and other natural oils to address various health concerns. Moreover, its advanced features, including a Bluetooth-controlled app and AI integration, promise personalized user experiences.

    Marijuana Industry Connection

    BCAN’s fortunes are intertwined with the burgeoning marijuana industry. Recent market activity reflects this trend, with cannabis stocks experiencing notable gains. AdvisorShares Pure US Cannabis ETF surged by 9%, reflecting investor optimism fueled by speculation surrounding regulatory changes. Dougie Kass’s revelation on social media platform X hinted at potential DEA reclassification of marijuana, sparking a bullish sentiment across the sector.

    Key players in the U.S. cannabis market, such as Curaleaf, Green Thumb Industries, Verano Holdings, and Trulieve Cannabis, observed significant upticks in share value, signaling widespread market confidence. These developments coincide with Secretary Xavier Becerra’s testimony, underscoring the ongoing regulatory scrutiny of cannabis scheduling.

    Conclusion

    In conclusion, BYND Cannasoft’s resilience amidst market fluctuations underscores its strategic positioning within the cannabis and software sectors. As regulatory landscapes evolve, BCAN remains poised to capitalize on emerging opportunities, driving innovation and growth within the dynamic cannabis market.