Vancouver, British Columbia – The press wire – July 5, 2021 – BYND Cannasoft Enterprises Inc. (“BYND” or the “Company”) is pleased to announce that it has closed its previously announced private placement financing without intermediary (see press release dated June 21, 2021). As part of the financing, the Company issued 2,000,000 common shares to a single investor at an issue price of $ 0.92 per share, raising $ 1,840,000 in gross proceeds. Common shares issued in connection with the financing are subject to a legal hold period under applicable securities laws, which expires on November 6, 2021. No finder’s fees were paid in connection with the financing.
Proceeds from the financing will be used by the Company to finalize the planning, authorization and commencement of construction of its proposed cannabis farm near Ashkelon, Israel (see description below) and for general purposes of working capital.
Mr. Yftah Ben Yaackov, CEO of BYND noted that “We were extremely satisfied with the large size of this offering which will help the Company in its investment plans in the cannabis sector ”.
About BYND Cannasoft Enterprises Inc.
BYND is an integrated software / cannabis company, based in Israel.
BYND owns and markets proprietary customer relationship management (CRM) software, 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 center operations and asset management. BYND’s next-generation Benefit CRM platform is nearing completion and will soon be ready for BETA testing.
CRM on cannabis
Building on its 20 years of experience in CRM software, BYND recently began the development of an innovative new CRM platform, designed specifically to meet the needs of the medical cannabis industry. This new platform will be the first of its kind in the field of medical cannabis and the Company is confident that it will transform the industry into a more organized, accessible and price transparent market. The data and information collected during the operation of the cannabis farm (see below) and the products it manufactures 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 generate additional revenue to further support BYND in the early years of its cannabis CRM platform rollout.
BYND recently obtained a master cultivation license for the cultivation of medical cannabis in Israel and intends to build a 3.7-acre agricultural facility near Ashkelon Israel, to cultivate medical cannabis. The company’s plans include the construction of 4 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 kg of raw cannabis each year. BYND also intends to work with strategic partners to develop and market new, exclusive cannabis-infused products for sale throughout Israel and for export.
For more information please refer to the information available on the Company’s website: www.cannasoft-crm.com, the CSE website: www.thecse.com/en/listings/life-sciences/bynd-cann and on SEDAR: www.sedar.com.
Phone. : (604) 833-6820
E-mail: [email protected]
Caution regarding forward-looking statements
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