Ms. Gabi Kabazo reports
BYND CANNASOFT ENTERPRISES INC. COMMENCES TRADING ON THE CSE UNDER SYMBOL "BYND" AND ANNOUNCES CAD$500,000 NON-BROKERED PRIVATE PLACEMENT FINANCING
BYND Cannasoft Enterprises Inc.'s common shares have commenced trading on the Canadian Securities Exchange today under the symbol BYND.
Listing and disclosure documents related to the commencement of trading may be found on SEDAR.
BYND Cannasoft has also agreed to raise up to $500,000 from certain investors by way of a non-brokered private placement. Specifically, the company has agreed to issue up to 416,667 BYND shares at an issue price of $1.20 per share, to investors.
The private placement is scheduled to close prior to the end of April or shortly thereafter and is conditional upon receipt of all necessary regulatory approvals. The proceeds from the sale of the BYND shares will be utilized to finalize construction plans and permitting in connection with the construction of its proposed cannabis farm near Ashkelon, Israel, and for general working capital purposes.
No finder's fee will be payable in connection with the private placement. Pursuant to Canadian securities laws, all BYND shares which are issued pursuant to the private placement will be subject to a hold period of four months plus one day from the date of closing of the private placement.
About BYND Cannasoft Enterprises Inc.
BYND Cannasoft is an integrated software/cannabis company, based in Israel.
BYND Cannasoft owns and markets a proprietary customer relationship management (CRM) software product, known as Benefit CRM. BYND's Benefit CRM software enables small and medium-sized businesses to optimize their day-to-day business activities such as sales management, personnel management, marketing, call centre activities and asset management. BYND Cannasoft's next-generation Benefit CRM platform is nearing completion and will be ready for beta testing in approximately four months.
Building on its 20 years of experience in CRM software, BYND Cannasoft has recently begun development of an innovative new CRM platform, designed specifically to serve the needs of the medical cannabis industry. This new platform will be the first of its kind for the medical cannabis field and the company is confident it will transform the industry into a more organized, accessible and price transparent market. Data and information collected through the operation of the cannabis farm and the products it produces will allow BYND Cannasoft to test its new cannabis CRM platform and adjust the platform as necessary. Additionally, operating the cannabis farm and selling medical cannabis will bring in additional revenue to further support BYND Cannasoft during the initial rollout years of its cannabis CRM platform.
BYND Cannasoft has recently obtained a primary growing licence for growing medical cannabis in Israel and intends to construct a 3.7-acre farm facility near Ashkelon, Israel, to grow medical cannabis. The company's plans include the construction of four state-of-the-art greenhouses, housing approximately 2.5 acres of total growing area. BYND Cannasoft estimates that, once fully operational, its cannabis farm facility will be able to
produce 7,500 kilograms of raw cannabis each year. BYND Cannasoft also intends to work with strategic partners to develop and market new, proprietary cannabis-infused products for sale throughout Israel and for export.
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