BYND Cannasoft To Acquire Zigi Carmel Initiatives & Investments For $28M In Stock

BYND Cannasoft Enterprises Inc. BCAN BYND has signed a share purchase agreement to acquire 100% ownership of Zigi Carmel Initiatives & Investments Ltd. (“ZC”) which holds the patent pending intellectual property for a therapeutic device (the “EZ-G device”) that uses low concentrations of CBD oils, such as hemp seed oil and other natural oils, to treat certain women's health issues. Under the terms of the share purchase agreement, the company will issue to ZC’s owner 7.9 million common shares at a deemed price per share of CA$4.735 and pay $100,000 to cover his legal expenses. The closing of the transaction is subject to certain customary conditions. BYND expects the transaction to close this month.

The EZ-G device is a patent-pending device that, combined with proprietary software regulates the flow of low-concentration CBD oils into the soft tissues of the female reproductive system. According to research conducted across the globe, treatment with low-concentration CBD oils can relieve candida, dryness, scars, and many other female health issues.

BYND intends to pursue the final registration of the patent and establish a marketing and sales system for the EZ-G device. The company's ‘Go to Market’ strategic plan is based on combined B2B and B2C sales.

No regulatory filings relating to the device have been made in the United States and the company has no intention of marketing the device in any jurisdiction until it has been cleared by the applicable regulator, including the Food and Drug Administration in the United States.

Yftah Ben Yaackov, CEO and a director of BYND, stated, "From the moment we complete the purchase of ZC, we plan to hit the ground running by initially securing any required regulatory approval from the appropriate authorities. We will continue to pursue the registration of the patent, which contain over 100 claims, prototype production and start validation tests, and contract with suppliers for the production of the device and the oils used in the EZ-G device.”

Photo: Benzinga; Sources: courtesy of jarmoluk and lindsayfox via Pixabay