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Canbiola, Inc. (OTCQB: CANB) is a prominent developer, manufacturer, and seller of a diverse range of cannabidiol (hemp) based products including oils, creams, moisturizers, chews, isolate, gel caps, and concentrates. The company has established its own line of proprietary products while also exploring synergistic opportunities through acquisitions within the CBD and medical cannabis industry. Hemp CBD, the non-psychoactive component devoid of THC, is utilized for pain relief, inflammation, and wellness programs. The company's wholly owned subsidiary, Pure Health Products, headquartered in Lacey, WA, serves as its primary development laboratory and production facility. Recently, Canbiola rolled out a durable medical device through its Duramed division, available via its doctor network to enhance patient treatment.
Can B Corp (OTCQB: CANB) has implemented a reorganization making Nascent Pharma Holdings, Inc. its new publicly-traded parent company. Existing CANB shares will convert one-for-one into Nascent Pharma Holdings shares. The company's current board and executives will maintain their roles. This reorganization follows Can B's March 2024 strategic shift to focus on protecting and commercializing cannabis patents acquired through its 67%-owned subsidiary, Nascent Pharma, The company expects this restructuring to improve its capital-raising capabilities for future business opportunities, partnerships, licensing agreements, and patent protection efforts.
Can B Corp. (OTCQB: CANB) reported its financial results for the year ended December 31, 2022, showing a 45% increase in revenue to $6.7 million. Adjusted EBITDA loss decreased by 25% to $2.1 million. However, gross profit fell 13% to $2.6 million, and gross margin declined to 39.1% due to a higher revenue mix from its Duramed division. The company's total operating expenses rose by 27% to $16.8 million, primarily attributed to non-cash stock-based compensation. Can B is restructuring corporate debt, raising $1.55 million in new capital and extending notes payable to 2023 and 2024. Looking ahead, the company aims to net growth by enhancing processing capabilities and expanding medical devices in its Duramed division. CEO Marco Alfonsi expressed optimism for 2023, citing increased revenue milestones and strategic agreements.
Can B Corp. (OTCQB: CANB) has completed a corporate debt restructuring, raising $1.55 million in new capital and extending $7 million in notes payable to September 1, 2023, and December 31, 2024. This restructuring allows the company to strengthen its balance sheet and advance its business plan across three divisions, including the upcoming installation of hemp processing equipment in Colorado and expansion of its medical device offerings in New York and Michigan. The restructuring involved a sale of $5.7 million in accounts receivable to fund payments to its largest institutional investor. CEO Marco Alfonsi expressed optimism about future growth and plans for uplisting.
Can B Corp. (CANB) reported substantial financial growth for Q3 2022, with revenue rising 51% to $2.9 million and gross profit increasing 36% to $1.9 million. Adjusted EBITDA loss improved by 25% to $1.5 million. For the nine months ended September 30, revenue reached $6.0 million, a 130% increase, while gross profit rose 59% to $2.8 million. However, total operating expenses surged 243% to $14.3 million. The company secured a 3-year agreement for Superfood products, enhancing its product lineup. Management highlighted successful operations integration, boosting revenue and reducing cash losses.
Can B Corp. (OTCQB: CANB) has entered a 3-year worldwide agreement with Forever Brands to manufacture and distribute a line of nutritional Superfoods drink mix for Brooke Burke's BB Body, Inc. The agreement covers the sale, manufacturing, and distribution of multiple products including a powdered drink superfood mix and an all-natural metabolic energy drink. Can B's subsidiaries, Imbibe Wellness Solutions and Pure Health Products, will handle direct-to-consumer sales and manufacturing, respectively. The products are expected to launch in late Q3 2022.
Can B Corp. reported strong financial results for Q1 2022, with revenue soaring by 606% to $1.9 million and gross profit increasing by 291% to $0.7 million. The company achieved a substantial improvement in its balance sheet, boasting total assets of $17.0 million and stockholders' equity of $6.2 million. Operating expenses rose to $3.9 million, leading to an operating loss of $3.2 million. However, adjusted EBITDA loss fell by 30% to $0.9 million, indicating effective cash burn management.
Can B Corp. (OTCQB: CANB) is set to present at the Emerging Growth Conference on April 27, 2022, at 11:30 AM EDT. This interactive online event allows investors and analysts to engage with CEO Marco Alfonsi in real-time. Can B, a diversified health and wellness company, specializes in high-quality hemp-derived cannabinoid products. The presentation will last for 30 minutes, followed by a Q&A session. If you can't attend live, a recorded version will be available afterward. Register to participate in this significant investment opportunity.
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