(TheNewswire)
Vancouver, British Columbia – TheNewswire - O ctober 6, 2022 - BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN ) (CSE: BYND ) (“BYND” orthe “Company” ) is pleased to announce that it has closed its previouslyannounced, non-brokered private placement financing (see press releasedated September 30, 2022 ). In connection with the financing, the Company issued142,395 common shares to multiple investors located in Israel at anissue price of $4.33 per share, raising $616,570 of grossproceeds.
The common shares issued in connection with thefinancing are subject to a statutory hold period under applicablesecurities laws, which expires on February 6, 2023. No finders feeswere paid in connection with the financing.
As required by the investors, the proceeds from thePrivate Placement will be utilized to pay for public relations,investor relations and business marketing costs.
About BYND Cannasoft EnterprisesInc.
BYND is an integrated software/cannabis company, basedin Israel.
CRM Software
BYND owns and markets a proprietary customerrelationship management (CRM) software product, known as “BenefitCRM”. BYND’s Benefit CRM software enables small and medium?sizedbusinesses to optimize their day?to?day business activities suchas sales management, personnel management, marketing, call centeractivities and asset management. BYND’s next-generation Benefit CRMplatform is now ready for BETA testing.
Cannabis CRM
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 cannabisindustry. This new platform will be the first of its kind for themedical cannabis field and the Company is confident it will transformthe industry into a more organized, accessible, and price transparentmarket. Data and information collected through the operation of theCannabis Farm (see below) and the products it produces will allow BYNDto test its new Cannabis CRM platform and adjust the platform asnecessary. Additionally, operating the Cannabis Farm and sellingmedical cannabis will bring in additional revenue to further supportBYND during the initial roll?out years of its cannabis CRM platform.
Cannabis Farm
BYND is in the process of securing approval for thetransfer of a primary growing license for growing medical cannabis inIsrael and intends to construct a 3.7 acre farm facility near AshkelonIsrael, to grow medical cannabis. The Company’s plans include theconstruction of 4 state of the art greenhouses, housing approximately2.5 acres of total growing area. BYND estimates that once fullyoperational its Cannabis farm facility will be able to produce 7,500kgof raw cannabis each year. BYND also intends to work with strategicpartners to develop and market new, proprietary cannabis-infusedproducts for sale throughout Israel and for export. For FurtherInformation please refer to the information available on theCompany’s website: www.cannasoft? crm.com, the CSE’swebsite: www.thecse.com/en/listings/life?sciences/bynd?cannasoft?enterprises?incand on SEDAR: www.sedar.com.
Gabi Kabazo
Chief Financial Officer
Tel: (604) 833?6820
e?mail: ir@cannasoft?crm.com
For Media and Investor Relations, pleasecontact:
David L. Kugelman
(866) 692-6847 Toll Free - U.S. & Canada
(404) 281-8556 Mobile and WhatsApp
Skype: kugsusa
Cautionary Note RegardingForward?Looking Statements
This Press Release contains forward?lookingstatements that involve risks and uncertainties, which may causeactual results to differ materially from the statements made. Whenused in this document, the words “may”, “would”, “could”,“will”, “intend”, “plan”, “anticipate”, “believe”,“estimate”, “expect” and similar expressions are intended toidentify forward?looking statements. In thisnews release, t hese statements include, withoutlimitation, the expected completion of the Private Placement and theintended use of proceeds from the Private Placement. Such statements reflect our current views with respect tofuture events and are subject to such risks and uncertainties. Manyfactors could cause our actual results to differ materially from thestatements made including, without limitation, the Company’s receiptof subscriptions under the Private Placement and existing businessconditions at the time of its intended use of the net proceeds fromthe Private Placement, in addition to those factors discussed infilings made by us with the Canadian securities regulatory authoritiesand the U.S. Securities and Exchange Commission. Should one or more ofthese risks and uncertainties, such as currency and interest ratefluctuations, increased competition, and general economic and marketfactors, occur or should assumptions underlying the forward-lookingstatements prove incorrect, actual results may vary materially fromthose described herein as intended, planned, anticipated, or expected.We do not intend and do not assume any obligation to update theseforward?looking statements, except as required by law. Shareholdersare cautioned not to put undue reliance on such forward?lookingstatements.
Neither the U.S. Securities and Exchange Commission northe CSE has reviewed, approved or disapproved the content of thispress release.
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