Can B Corp. Executes Definitive Agreement to Acquire the Assets of Imbibe Health Solutions

Rhea-AI Summary

Can B Corp. has signed a definitive agreement to acquire the assets of Imbibe Health Solutions LLC, enhancing its presence in the CBD product market. The acquisition includes various CBD health and wellness products such as topical salves and dietary supplements. CEO Marco Alfonsi expressed optimism about leveraging Walter Hoelzel's marketing expertise for growth across Can B's product line. The assets will be integrated into an inactive subsidiary, which will be renamed to reflect the new acquisition.

Positive

• Acquisition of Imbibe Health Solutions enhances Can B's CBD product portfolio.
• Walter Hoelzel's marketing expertise expected to drive growth across Can B's segments.
• Strategic alignment with Imbibe's established product lines.

Negative

• None.

Business Entrepreneur and Advertising and Marketing Expert Walter Hoelzel to Join Can B

HICKSVILLE, NY / ACCESSWIRE / February 23, 2021 / Can B Corp. (OTCQB:CANB) ("Can B" or the "Company"), a diversified health and wellness company, is pleased to announce it has signed a definitive agreement to acquire the assets of Imbibe Health Solutions LLC ("Imbibe"), a developer and marketer of CBD and related products.

Imbibe has developed several CBD health and wellness products including topical salves, bath soaks, massage oils, and energy and dietary supplements. CANB will be putting Imbibe into one of its current inactive wholly-owned subsidiaries and will be renaming that subsidiary to reflect the products and culture that comes with the Imbibe acquisition.

Marco Alfonsi, Can B's Chief Executive Officer, commented, "We are thrilled to be bringing Walter and his Imbibe product development and marketing expertise under our Can B umbrella. In addition to adding the Imbibe Rx product line, we strongly believe Walter's advertising and marketing insights will be a great asset for us to utilize across our entire Can B segments and product lines."

Walter Hoelzel, stated, "I am proud to have brought Imbibe from initial start-up to complete product development, and believe aligning with Can B at this time is an ideal move. I am extremely impressed with the executive leadership team and the operating platform they have developed. From sourcing to manufacturing to sales channel distribution, Can B is set up for growth and a bright future."

Imbibe's CBD health and wellness products include:

Muscle & Joint Hemp Salve - a muscle and joint salve made with pure hemp extract (99% CBD) that has indicated with everyday use may help loosen muscles and joints from exercise soreness.

Unscented Fizzy Bath Soak - for a soothing and relaxing spa-like experience, six teaspoons of Fizzy Bath Soak delivers 40mgs of CBD for a soothing and relaxing spa-like experience which may help reduce inflammation and swelling.

Muscle, Joints & Back CBD Cryo Gel - fast-acting, all-natural, CBD infused, CryoGel is an all-natural blend that infuses 99% pure CBD/Hemp extract with Menthol, Camphor, and other natural ingredients.

CALM Massage Oil - with essential oils and CBD infused to enhance a calm and relaxing experience, Calm Massage Oil combines 3 essential oils - Bergamon Mint, Geranium, and Jasmine with 99% pure CBD extract for an enhanced massage experience.

Me x 3 Metabolic Energy - a new generation of metabolic energy and dietary supplement with a patented, synergetic base formulation that includes a blend of 3, all-natural ingredients.

Walter Hoelzel is a business entrepreneur and advertising and marketing expert with a 35-year career working extensively in the fields of advertising/branding, marketing, product development, and package design. Mr. Hoelzel has developed numerous highly successful private label design programs for companies like J.C. Penney's, Bloomingdales, Old Navy, and American Eagle Outfitters. He's also developed and assisted with the launch of packaging and point of sale concepts for private label manufactures working with national retailers like Walmart, Kroger, and Target to name just a few.

Mr. Hoelzel has served as creative, artistic director, and chief designer for his own brand development, advertising, publishing, and marketing firm as well as a consultant to numerous manufacturers. For the past seven years, he's been involved with the re-introduction of the Roy Rogers brand and the development of a new Broadway musical based on the life and times of Roy Rogers and Dale Evans. Most recently he has been working on new product-celebrity brand opportunities with Madison Technologies and the Casa Zeta-Jones brand.

About Can B Corp.

Can B Corp. (OTCQB:CANB) is a Health & Wellness company providing the highest quality cannabidiol (CBD) products under the 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. CanB is also an exclusive partner of the LifeGuard® Brand in developing a line of consumer products. The Company is also launching Super Foods, a line of nutritional supplements. Can B Corp. owns and operates an R&D and production facility in Lacey, WA, and Green Grow Farms, a licensed hemp grow and cultivation in New York. To learn more about Can B Corp. and our comprehensive line of high-quality CBD 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

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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 new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

FDA Disclaimer

The statements contained herein have not been evaluated by the FDA. The above products are not intended to diagnose, treat, cure, or prevent any disease.

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SOURCE: Can B Corp.

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FAQ

What is the significance of the acquisition of Imbibe Health Solutions by Can B?

The acquisition enhances Can B's CBD product portfolio and allows access to Imbibe's established health and wellness products.

Who is Walter Hoelzel and what role will he play at Can B?

Walter Hoelzel is a marketing expert joining Can B to leverage his experience in product development and branding to enhance the company's growth.

What products does Imbibe Health Solutions offer?

Imbibe offers a range of CBD health products, including topical salves, massage oils, and dietary supplements.

How will this acquisition impact Can B's market position?

The acquisition is expected to strengthen Can B's market position by diversifying its product offerings in the CBD wellness sector.