Friday - January 10, 2025
Strengthened Balance Sheet with Increases to $17.0 Million in Total Assets and $6.2 Million in Stockholders Equity
Can B Corp. (OTCQB: CANB) (“Can B'' or the “Company”), a health and wellness company specializing in developing, producing, and selling hemp-derived cannabinoid products, today announced the Company's financial results for the first quarter ended March 31, 2022.
Key Financial Highlights for Q1 2022
Key Business Highlights for Q1 2022
Management Commentary
Marco Alfonsi, Can B’s Chief Executive Officer, stated, “We are extremely pleased with our tremendous quarterly results, having achieved the highest quarterly revenue in our company history. We generated the $1.9 million in quarterly revenue while reducing our cash burn as demonstrated by the decrease in adjusted EBITDA to $0.9 million. The strategic moves we have made over the past several months have completed our vertical processing capabilities and put us in great position to accelerate our revenue growth and strengthen our balance sheet. This quarter’s results prove our plans are working as our team continues its hard at work integrating and ramping up the various operations to continue this momentum into the future.”
Alfonsi concluded, “Can B is now a full-service hemp-derived cannabinoid company that can facilitate servicing the large box types as well as the boutique vape and smoke store. Our dramatic revenue improvements, coupled with our acquisitions and asset base increases, position us solidly to continue our application process for a NASDA up listing.”
Vertical Processing Capabilities
Secured hemp biomass and winterized crude to create over 13,000 Liters (1 Liter = 1.05 Quarts) of isomers, including Delta-8, with a potential wholesale value exceeding $10 million at today's market price. Can B's late 2021 acquired facilities in Colorado will receive harvested hemp biomass and convert it to winterized crude. These same facilities will then process it to distillate, then to isolate which will be shipped to Company-owned facilities in Florida and Tennessee to produce Delta-8 or other isomers, or to its manufacturing facility in Lacey, Washington for its line of CBD tinctures, salves, gels, and drops. This processing is expected to take 5-6 months to produce 13,000 liters of Delta-8 and other isomers with potential revenue of $10 million.
Financial Results for the Three Months Ended March 31, 2022:
Of note, $2.3 million of the Company's operating expenses for the three months ended March 31, 2022, were non-cash expenses, including depreciation, amortization, and stock-based compensation, compared to $0.5 million for the same period last year.
About Can B Corp.
Can B Corp. (OTCQB: CANB) is a health & wellness company providing the highest quality hemp-derived cannabinoid products, including under its own brands of Canbiola, Seven Chakras, NuWellness, Pure Leaf Oil, and Duramed. Can B utilizes multi-channel distribution to reach consumers, including medical facilities, doctor offices, retailers, online and direct. Can B Corp. operates R&D and production facilities in Lacey, WA, and Florida. To learn more about Can B Corp. and our comprehensive line of high-quality products, please visit: Canbiola.com and www.CanBCorp.com, follow Can B Corp on Instagram and Facebook or visit one of the 1,000+ retail outlets that carry Can B Corp. products.
For more information about Can B Corp., please visit: CanBCorp.com
Forward-Looking Statements
Forward-looking statements and risks and uncertainties discussed in this release contain forward-looking statements. The words "anticipate," "believe," "estimate," "may," "intend," "expect," and similar expressions identify such forward-looking statements. Expected, actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. Forward-looking statements are subject to a number of risks and uncertainties, including but not limited to, risks and uncertainties associated with, among other things, the impact of economic, competitive, and other factors affecting our operations, markets, products, and performance. The matters discussed herein should not be construed in any way, shape, or manner of our future financial condition or stock price. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of latest information, future events, or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Investors and Media:
IR@canbiola.com
(917) 658-7878
Last Trade: | US$0.04 |
Daily Volume: | 0 |
Market Cap: | US$3.030M |
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