Mr. Moti Maram reports
BYND CANNASOFT ENTERPRISES INC. CLOSES $522,410 NON-BROKERED PRIVATE PLACEMENT FINANCING
BYND Cannasoft Enterprises Inc. has closed its previously announced, oversubscribed non-brokered private placement financing (see news releases dated April 26, 2021, and May 3, 2021). In connection with the financing, the company issued 435,337 common shares to investors at an issue price of $1.20 per share, raising $522,410 of gross proceeds. The company intends to use the proceeds to complete the planning process for its proposed medical cannabis farm, to be located near Ashkelon, Israel, and for general working capital purposes.
Moti Maram, BYND's chief executive officer, noted, "We were extremely pleased with the overwhelming interest from investors who wanted to participate in the offering and that we were able to close the financing so soon after the company completed its listed on the Canadian Securities Exchange."
About BYND Cannasoft Enterprises Inc.
BYND is an integrated software/cannabis company, based in Israel.
CRM (customer relationship management) software
BYND owns and markets a proprietary CRM software product, known as Benefit CRM. BYND's Benefit CRM software enables small-sized 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'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 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 (see below) and the products it produces will allow BYND 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 during the initial rollout years of its cannabis CRM platform.
BYND 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 estimates that, once fully operational, its cannabis farm facility will be able to produce 7,500 kilograms of raw cannabis each year. BYND 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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