Bynd Cannasoft Enterprises (NASDAQ:BCAN) stock fell ~18% on Thursday amid the company saying that it filed a patent application for its EZ-G device to include a double-faceted condom design.
The company said it plans to design its double-faceted condom to enhance pleasure and comfort while increasing the use of protection during sex and lowering the number of sexually transmitted infections.
According to the patent application, the condom will have a double pocket that will contain a lubricant that is released evenly when used, the company added.
Bynd noted that the advantage of this condom is the possibility of diluting the lubricants with natural oils, such as CBD, at low concentrations.
"Should we be successful with the examination of our patent application, the global condom market is fragmented, but growing significantly. Many of the leading vendors are opting for the acquisition of small and medium-sized vendors to increase their revenue share in the market. We will keep our shareholders updated on this new development," said Bynd CEO and Director Yftah Ben Yaackov.