Cannasoft Enterprises BCAN made a strategic announcement on Tuesday, opting to halt the construction of its medical cannabis facility in favor of entering the Femtech sector.
The Israeli cannabis company, which recently concluded a successful fundraising round, has chosen to reallocate its resources to focus on female technology wellness. This decision comes as a response to the challenging conditions in the global medical cannabis market and security concerns linked to the facility’s proximity to the Gaza border. The board plans to revisit this shift in strategy in July 2024.
Exploring Femtech and Cannabis
Specializing in management software for the cannabis industry, Cannasoft is known for its CRM proprietary software and the EZ-G Device, a CBD Oil-based sex toy slated for mass production in China early next year.
The move towards the Femtech sector is a bid to broaden the company’s footprint in an industry that has experienced rapid expansion in recent years, providing a potential avenue to navigate the turbulent economic landscape.
“Femtech encompasses reproductive health, pregnancy, lactation care, pelvic and uterine wellness, and more,” stated the company in a press release, underscoring the profound influence of women in the healthcare domain. Notably, women make up half of healthcare consumers globally and serve as primary healthcare decision-makers in about 90% of households, as well as being 75% more likely than men to engage with digital healthcare solutions.
