Company reports 567% growth in 2022 assets to $50 million and strengthened balance sheet while increasing gross margins and reducing losses

Vancouver, BC - TheNewswire - March 31, 2023 - BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN, CSE: BYND) (“BYND” or the “Company”), has released its financial results for year ended December 31, 2022. Full versions of BYND’s audited consolidated interim financial statements and management discussion and analysis for the period, can be found on www.sedar.com.

2022 Year-End Financial Highlights:

• Revenue decreased 8% to $1,123,072 for the year ended December 31, 2022 from $1,217,459 for the same period in 2021. 

• Gross Profit increased to 55% for the year ended December 31, 2022 from 51% for the same period in 2021. 

• Net loss decreased 66% to $1,664,684 for the year ended December 31, 2022 from $4,878,738 for the same period in 2021. 

• Working capital decreased to 2,987,975 for December 31, 2022 from $5,487,201 for December 31,2021. 

• Total assets increased to $49,903,208 for December 31, 2022 from $7,490,722 for December 31,2021. 

• Total shares outstanding as of December 31, 2022 were 37,885,932. 

Summary of Quarterly Comparison of Revenue, Gross Profit and Net Loss

*Includes a one-time non-recurring non-cash $4,394,390 listing expense incurred due to the Business Combination Transactions and the company’s listing of its shares on the CSE.

Mr. Yftah Ben Yaackov, BYND’s CEO noted that “We are very pleased with the financial results of the Company during 2022 as we have continued our trend from prior periods of increasing gross margins while decreasing overall losses. We have strengthened our balance sheet with the acquisition of Zigi Carmel Initiatives and Investments Ltd. and believe the EZ-G device will create significant value for our shareholders.”

About BYND Cannasoft Enterprises Inc.  

BYND Cannasoft Enterprises is an Israeli-based integrated software and cannabis company. BYND Cannasoft owns and markets "Benefit CRM," a proprietary customer relationship management (CRM) software product enabling small and medium‐sized businesses to optimize their day‐to‐day business activities such as sales management, personnel management, marketing, call center activities, and asset management. Building on our 20 years of experience in CRM software, BYND Cannasoft is developing an innovative new CRM platform to serve the needs of the medical cannabis industry by making it a more organized, accessible, and price-transparent market. The Cannabis CRM System will include a Job Management (BENEFIT) and a module system (CANNASOFT) for managing farms and greenhouses with varied crops. BYND Cannasoft owns the patent-pending intellectual property for the EZ-G device. This therapeutic device uses proprietary software to regulate the flow of low concentrations of CBD oil, hemp seed oil, and other natural oils into the soft tissues of the female reproductive system to potentially treat a wide variety of women's health issues. The EZ-G device includes technological advancements as a sex toy with a more realistic experience and the prototype utilizes sensors to determine what enhances the users' pleasure. The user can control the device through a Bluetooth app installed on a smartphone or other portable device. The data will be transmitted and received from the device to and from the secure cloud using artificial intelligence (AI). The data is combined with other antonymic user preferences to improve its operation by increasing sexual satisfaction.

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-cannasoft-enterprises-inc and on SEDAR: www.sedar.com.

Gabi Kabazo

Chief Financial Officer

Tel: (604) 833-6820

email: ir@cannasoft-crm.com

For Media and Investor Relations, please contact:

David L. Kugelman

(866) 692-6847 Toll Free - U.S. & Canada

(404) 281-8556 Mobile and WhatsApp

dk@atlcp.com

Skype: kugsusa

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving risks and uncertainties, which may cause results to differ materially from the statements made. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this document, the words "may," "would," "could," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect," "potential," "continue," "strategy," "future," "project," "target," and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our proprietary CBD oils, our new smart female treatment device, our Cannabis CRM platform, our expanded EZ-G patent application, our market growth, and our objectives for future operations, are forward looking statements. Additional regulatory standards may be required, including FDA approval or any other approval for the purpose of manufacturing, marketing, and selling the devices under therapeutic indications. There is no certainty that the aforementioned approvals will be received, and all the information in this release is forward-looking. Such statements reflect the company's current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made, including unanticipated regulatory requests and delays, final patents approval, and those factors discussed in filings made by the company with the Canadian securities regulatory authorities, including (without limitation) in the company's management's discussion and analysis for the year ended December 31, 2022 and annual information form dated March 31, 2023, which are available under the company's profile at www.sedar.com, and in filings made with the U.S. Securities and Exchange Commission. Should one or more of these factors occur, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward‐looking statements, except as required by law. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Shareholders are cautioned not to put undue reliance on such forward‐looking statements.