BYND CANNASOFT ENTERPRISES INC. Announces Financial Results for the Year Ended December 31, 2021 and Nasdaq Listing Update

(via TheNewswire)

The company presents a solid balance sheet while increasing its gross margins

Vancouver, British Columbia –TheNewswire –(May 2, 2022)BYND Cannasoft Enterprises Inc. (“BYND” or the “Company”),(CNSX:BYND.CN)published its financial results for the year ended December 31, 2021. Complete versions of BYND’s audited consolidated financial statements and management’s discussion and analysis for the period are available atwww.sedar.com.

2021 year-end financial highlights:

• Revenue decreased by 9% to $1,217,459 in 2021 from $1,341,993 in 2020.

• Gross margin increased from 44% in 2020 to 51% in 2021.

• The cash balance increased to $3,025,350 for December 31, 2021 from $563,015 for December 31, 2020.

• Working capital increased to $5,487,201 for December 31, 2021 from a lack of $94,547 for December 31, 2020.

• Total shares outstanding at December 31, 2021 were 29,479,100.

Summary of quarterly changes in revenue, gross profit and net profit (loss)

*Includes a one-time, non-recurring non-cash $4,394,390 listing costs incurred as a result of business combination transactions and the listing of its shares by the company on the CSE.

Nasdaq List Update

The Company wishes to announce that it has submitted a 20-F registration statement with the US Securities and Exchange Commission on May 2nd2022 as well as a Nasdaq listing application to list its shares on the Nasdaq Capital Market Tier.

Mr. Yftah Ben Yaackov, CEO of BYND noted that “We are very pleased with our 2021 results which are consistent with our objective to increase gross margin, invest in our new Cannabis CRM platform and strengthen our balance sheet, which will help us in our journey to be listed on the market of Nasdaq capital. We are delighted to expand the Company’s activities to Israel and abroad, while creating real value for our shareholders”.

On BYND Cannasoft Enterprises Inc.

BYND is an integrated software/cannabis company, based in Israel.

CRM software

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.

Cannabis RCMP

Building on its 20 years of experience in CRM software, BYND recently began 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 convinced that it will transform the industry into a more organized, accessible and transparent market on prices. The data and information collected through 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 if necessary. Moreover, the operation of cannabis farm and the sale of medical cannabis will bring additional revenue to further support BYND in the early years of its cannabis CRM platform deployment.

cannabis farm

BYND is in the process of obtaining approval for the transfer of a primary cultivation license for the cultivation of medical cannabis in Israel and intends to build a 3.7 acre farm 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 cultivation area. BYND estimates that once fully operational, its cannabis farm 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 nationwide. 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-cannasoft-enterprises-incand on SEDAR:www.sedar.com.

Gabi Kabazo

Financial director

Tel: (604) 833-6820

E-mail:[email protected]

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “fly”, “hear”, “plan”, “anticipate”, “believe”, “estimate”, “will expect” and similar expressions are intended to identify forward-looking statements. These statements reflect our current beliefs regarding future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including factors discussed in our filings with Canadian securities regulators. Should one or more of these risks and uncertainties, such as currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should the assumptions underlying the forward-looking statements prove incorrect, actual results could differ materially from those described herein as expected. , planned, anticipated or expected. We do not intend and undertake no obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to place undue reliance on these forward-looking statements.

CSE has not reviewed, approved or disapproved of the contents of this press release.

Copyright (c) 2022 TheNewswire – All Rights Reserved.

Copyright (c) 2022 TheNewswire – All rights reserved., source Press Releases