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Israeli cannabis technology company closes $28 million acquisition of Zigi Carmel Investments

BYND Cannasoft Enterprises Inc. has completed the purchase of all of the issued and outstanding shares of Zigi Carmel Initiatives & Investments Ltd. (“ZC”) from Carmel Zigdon. Under the terms of the share purchase agreement, the Company issued 7,920,000 common shares to the vendor. These shares are subject to a hold period and may not be traded in Canada before January 23, 2023.

The Company also reports that Carmel has been appointed as a director of BYND. Carmel invented the concept for the EZ-G device back in 2021 and since then has developed it for commercialization. He currently manages the online shopping site ZCRAIV, an online clothes store generating revenues in the millions of US$ per year.

The following disclosure is the sole responsibility and published at the request of the vendor pursuant to his disclosure obligations under National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

Carmel Zigdon has acquired beneficial ownership and control over 7,920,000 common shares of the Company at a deemed price per share of $4.735 for a total deemed price of $37,501,200. The Shares were acquired on September 22, 2022, pursuant to the Company’s purchase of ZC. Immediately following the Acquisition, the Acquiror owned a total of 7,920,000 Shares representing 20.99% of the Company’s 37,736,810 issued and outstanding Shares.

The Shares were acquired for investment purposes. The Acquiror may, from time to time, acquire additional securities, dispose of some or all of the existing or additional securities, or may continue to hold the securities of the Company.

BYND is in the process of securing approval for the transfer of 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 four 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 more information:
BYND Cannasoft Enterprises 

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