Can B Corp. Secures Lease for 300,000 Square Foot Facility in McMinnville, Tennessee

Rhea-AI Summary

Can B Corp. (OTCQB: CANB) has secured a lease for a 300,000 square foot facility in McMinnville, Tennessee, to enhance operations following the acquisition of assets from Music City Botanicals. This facility, strategically located between Nashville and Chattanooga, offers significant infrastructure advantages, including an isomer lab and extraction facilities. The lease provides an option for outright purchase and is expected to accelerate Can B's production capabilities in the hemp-derived cannabinoid sector.

Positive

• Acquisition of a 300,000 square foot facility to enhance operational capabilities.
• Strategic location between Nashville and Chattanooga for better logistics.
• Existing infrastructure includes an isomer lab and extraction facilities.
• Option to purchase the facility enhances long-term operational stability.

Negative

• None.

HICKSVILLE, NY / ACCESSWIRE / August 25, 2021 / Can B Corp. (OTCQB:CANB) ('Can B' or the 'Company'), a diversified health and wellness company specializing in the development, production, and sale of products containing hemp-derived cannabinoids, is pleased to announce it has acquired a lease for a 300,000 square foot facility to support the operations of its recently closed acquisition of assets from Music City Botanicals, in McMinnville, Tennessee. Can B has also acquired the right of first refusal and an option to outright purchase the facility during the term of the lease.

The facility is located halfway between Nashville and Chattanooga in central Tennessee, approximately 75 miles from each city, and a former Data Center for Litewire Data Company and police headquarters for the county of Warren, Tennessee.

Currently, the facility has two sub-tenants utilizing under 20% of the building, including hemp storage and hemp drying. It also encompasses TN Botanicals' R&D department, isomer lab, and extraction facilities. Additionally, the property is already equipped with a rail spur to its loading doors. The facility has backup generators at one-megawatt capacity.

Marco Alfonsi, Can B's Chief Executive Officer, commented, 'Securing this lease to be able operate from this facility is a huge win for our Company. Its location, footprint, and existing infrastructure will accelerate our capabilities and enable us to become among the leading producers of hemp-based cannabinoid products in America.'

The addition of assets recently acquired by the Company from Music City Botanicals within this facility adds additional expansion opportunity extraction and isomer lab production with such products a Delta-10, CBG, CBN, and CBDA. New retail products of the Company will include pharmaceutical-grade CBD and related manufactured goods. In-house labeling and packaging now available to the Company will create a chain of custody and compliance process that is uncommon in the industry.

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

Twitter @CanBCorp

Instagram @canbcorp

Facebook @ Can B Corp

YouTube

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.

Investors and Media:
IR@canbiola.com
(917) 658-7878

SOURCE: Can B Corp.

View source version on accesswire.com:
https://www.accesswire.com/661200/Can-B-Corp-Secures-Lease-for-300000-Square-Foot-Facility-in-McMinnville-Tennessee

FAQ

What recent acquisition did Can B Corp. announce?

Can B Corp. announced the acquisition of a lease for a 300,000 square foot facility in McMinnville, Tennessee.

What is the significance of the new facility for Can B Corp.?

The new facility will support Can B Corp.'s operations and enhance its production capabilities in the hemp-derived cannabinoid sector.

Where is the new facility located?

The facility is located approximately halfway between Nashville and Chattanooga, Tennessee.

What options does Can B Corp. have regarding the new facility?

Can B Corp. has the right of first refusal and an option to outright purchase the facility during the lease term.