Canada-based BYND Cannasoft Enterprises raises $1.48 million for cannabis farm in Ashkelon, Israel
BYND Cannasoft Enterprises Inc. (“BYND” or the “Company”) (CNSX:BYND.CN) is pleased to announce that it has agreed to raise up to CAD$1,840,000 from certain investors by way of a non-brokered private placement. Specifically, the company has agreed to issue up to 2,000,000 BYND Shares at an issue price of $0.92 per share, to investors (the “Private Placement”).
The Private Placement is scheduled to close prior to the end of June 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, permitting and the construction itself of its proposed Cannabis farm near Ashkelon, Israel (see description below) and for general working capital purposes. Finder’s fees may be paid to eligible finders in accordance with the policies of the CSE consisting of a cash commission equal to up to 10% of the gross proceeds raised under the Offering. 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 is an integrated software/cannabis company, based in Israel. BYND 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’s next generation Benefit CRM platform is nearing completion and will be ready for BETA testing in approximately three months.
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 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 roll-out years of its cannabis CRM platform.
Cannabis Farm BYND has recently obtained a primary growing license 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 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 7,500kg 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.
For Further Information please refer to information available on the Company’s website: www.cannasoft-crm.com, the CSE’s website: www.thecse.com/en/listings/life-sciences/bynd-cann and on SEDAR: www.sedar.com.
Gabi Kabazo Chief Financial Officer Tel: (604) 833-6820 e‐mail: firstname.lastname@example.org