Can B Corp. Secures 1.8 Million Pounds of Biomass for Awarded Contract With One Bad Moon Rising

Rhea-AI Summary

Can B Corp. has announced a newly awarded contract with One Bad Moon Rising and the purchase of 1.8 million pounds of biomass. The biomass is stored in Ft. Morgan, Colorado and is ready for immediate processing. The purchase price of the biomass was $2.7 million, paid with Rule 144 restricted stock. Can B's CEO is excited about the new opportunity and looks forward to utilizing their fully integrated operations to produce isomers. One Bad Moon Rising is impressed with Can B's facilities and is excited to fulfill the demand for isomers with their new contract.

Processing Has Already Started

HICKSVILLE, NY, July 20, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – 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, is pleased to announce its newly awarded contract with One Bad Moon Rising and purchase of 1.8 million pounds of biomass.

To initially service the contract, Can B purchased 1.8 million pounds of biomass that is ready for immediate processing. The biomass is stored indoors in 1,000-pound supersacks in Ft. Morgan, Colorado (80 miles northeast of Denver).

Marco Alfonsi, Can B’s Chief Executive Officer, stated, “We are very excited for this new opportunity with One Bad Moon Rising. We were able to purchase the biomass with a market price of $2.7 million by issuing Rule 144 restricted stock in payment of the purchase price. The biomass potency was tested and exceeded minimum processing standards. We look forward to utilizing our fully integrated operations to result in the production of isomers.”

Patrick Barry, Chief Investment Officer of One Bad Moon Rising, stated, “We look forward to working closely with Can B as we are very impressed with their fully integrated vertical operations in Colorado. Their facilities in Ft. Morgan and Mead, Colorado, are now capable and ready to process biomass all the way through to isomers. Our network of relationships is seeking isomers, and we are excited to be able fulfill that demand with our new contract with Can B.”

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

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

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FAQ

What is the name of the company in the press release?

The company mentioned in the press release is Can B Corp.

What is the contract about?

The contract is between Can B Corp. and One Bad Moon Rising.

How much biomass did Can B Corp. purchase?

Can B Corp. purchased 1.8 million pounds of biomass.

Where is the biomass stored?

The biomass is stored in Ft. Morgan, Colorado.

How was the purchase price of the biomass paid?

The purchase price of the biomass was paid with Rule 144 restricted stock.

What is Can B Corp.'s plan for the biomass?

Can B Corp. plans to utilize their fully integrated operations to produce isomers.

What is One Bad Moon Rising's opinion about Can B Corp.'s facilities?

One Bad Moon Rising is impressed with Can B Corp.'s facilities.