Cannasoft Enterprises BCAN made a significant announcement on Tuesday regarding the suspension of their medical cannabis growing facility construction to embark on a new journey into the Femtech realm.
The Israeli cannabis company, which recently enjoyed a successful fundraising round, has opted to reallocate its resources towards the domain of female technology wellness. The decision to shift gears comes as a response to the turbulent conditions in the global medical cannabis market. Furthermore, concerns surrounding security due to the ongoing conflict in Israel, particularly the facility’s proximity to the Gaza border, have prompted a reevaluation of the initial construction plans. The board has set a target to revisit and reassess this strategic move in July 2024.
Exploring New Frontiers: Femtech and Cannabis
Cannasoft has established itself as a pioneer in developing management software tailored for the cannabis industry, including their proprietary CRM software. Beyond software innovation, the company has ventured into manufacturing with products like the EZ-G Device, a CBD Oil-based sex toy slated for mass production in China early next year.
With this pivot, the company aims to broaden its footprint in a sector that has witnessed exponential growth over recent years. By foraying into the femtech landscape, Cannasoft is navigating away from the challenges posed by the dwindling economic climate.
“Femtech encompasses a wide array of services including reproductive health, pregnancy, lactation care, and pelvic and uterine health,” highlighted the company in an official statement. Recognizing the profound influence of women in the healthcare industry, Cannasoft pointed out that women represent half of healthcare consumers globally and serve as primary healthcare decision-makers in approximately 90% of households. Moreover, women exhibit a 75% higher inclination than men towards utilizing digital healthcare solutions.