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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. has announced the acquisition of over $5 million in hemp processing assets from TWS Pharma, enhancing its capabilities in converting hemp biomass into isolate. The acquisition includes facilities totaling 50,000 square feet in Colorado, supporting the production of key cannabinoids like CBN, CBG, and Delta-8. This move is expected to significantly boost revenue through increased processing efficiency and supply chain control. Startup costs for the equipment are projected at $250,000, with anticipated revenues from raw biomass estimated at $10 million per million pounds processed.
Can B Corp. (OTCQB:CANB) announced a partnership with a group of Professional Hollywood Stuntmen and World Champion Action Sports Athletes to market its existing CBD products and launch a new brand by September. This partnership aims to leverage the stunt performers' extensive social media following for marketing. CEO Marco Alfonsi highlighted the partnership as a key opportunity to utilize the company's under-utilized production capacity at its Lacey, Washington facility. The new brand will be responsible for all marketing and advertising efforts.
Can B Corp. (OTCQB:CANB) reported financial results for Q1 2021, revealing a 46% drop in revenue to $306,940 due to COVID-19 impacts. Despite this, the company maintains a healthy cash balance of $1.7 million and a 75% gross margin. Operating expenses rose by 30% to $2,022,679, leading to a net loss of $2.18 million. Can B continues to invest in growth, tripling production capacity and acquiring strategic assets, including Imbibe Health Solutions and a hemp technology group.
Can B Corp. (OTCQB:CANB) has announced significant advancements in its industrial hemp operations. The company recently acquired essential equipment at a farm auction in Colorado to enhance production capabilities at its hemp facility. This includes specialized machinery for efficient growth and harvesting. As Can B enters the industrial hemp sector, it anticipates establishing wholesale off-take agreements for its hemp fiber. CEO Marco Alfonsi emphasized the strategic value of these acquisitions in diversifying revenue streams amidst ongoing recovery from the pandemic.
Can B Corp. (OTCQB:CANB) reported its financial results for 2020, facing challenges due to the COVID-19 pandemic. The company's gross profit margin improved to 84%, a 10% increase from the previous year, while operating expenses decreased by 24%, leading to a 26% reduction in operating loss. Total revenues fell to $1.7 million, down 26% year-over-year. Notable achievements include securing $2.8 million in debt financing and tripling production capacity. The company also completed significant acquisitions to bolster its product development and market presence.
Can B Corp. (OTCQB: CANB) will have its CEO, Marco Alfonsi, present at the Q1 Virtual Investor Summit on March 23, 2021, at 3:00 PM ET. The presentation will cover the company's diverse CBD branded products and sales channel strategies. The summit connects small- and mid-cap companies with qualified investors and features approximately 100 companies and over 300 investors. Can B Corp. is a health and wellness company offering high-quality cannabidiol products and operates facilities for R&D and production across multiple states.
Can B Corp. (OTCQB:CANB) has successfully acquired assets and talent from a hemp derivative development group, establishing a new subsidiary named Botanical Biotech LLC. This Florida-based facility will focus on advancing pharmacokinetics technology for plant-based products, enhancing bioavailability, and developing innovative solutions for sustainability and wellness. The subsidiary, led by President Bradley Lebsock, aims to optimize formulations of cannabinoids like CBG and CBN. CEO Marco Alfonsi expressed enthusiasm for leveraging the new team's scientific expertise to enhance Can B's product development.
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.
Can B Corp. (OTCQB: CANB) announces a partnership with Signature PR to launch a new line targeting spas, salons, and high-end retailers. The initiative aims to tap into new revenue streams not previously marketed by the company. CEO Marco Alfonsi expressed enthusiasm for this collaboration, anticipating it will enhance current sales channels. Signature PR, led by Annamarie Seabright, brings extensive experience in public relations and marketing, positioning Can B to effectively enter these new market segments. The premier line is expected to be launched within the next several months.
Can B Corp (CANB) has significantly enhanced its manufacturing capacity by expanding its facility in Lacey, Washington. This investment is expected to boost revenue growth in 2021 through increased production efficiency and new product launches, including the Dr. Formulated ImmuneX2 supplement and other CBD products. The company has partnered with a major retailer and a master distributor to increase its market presence. Additionally, Can B has launched a Client Access Portal for real-time order tracking.
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