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Why so many CANB RS's over and over. Did CANB hit the RS limit yet? Looks like another one will be needed to get the price higher for another BS NASDAQ claim. The true value is now in trips after the past RS's.
Sad and hard to watch these schemes play out.
Peace out
Why are they losing so much money?
No wonder the PPS is in the toilet.
CANB just keeps Surprising it’s Daily Followers, Amazing!
As Forecasted, Another Record Quarterly Revenue Record for CANB!
Can B Corp. Reports Growth of 51% to $2.9 Million Revenue for Third Quarter 2022, the Highest Quarterly Revenue in Company History
Can B Corp
Tue, November 22, 2022 at 9:30 AM
In this article:
Can B Corp
Led by a Significant Increase in Duramed, Music City Botanical and Botanical Biotech Brands
Adjusted EBITDA Loss Decreased by 25% to $1.5 Million
HICKSVILLE, NY, Nov. 22, 2022 (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, today announced the Company's financial results for the third quarter and nine months ended September 30, 2022.
Key Financial Highlights for Q3 2022
Revenue increased 51% to $2.9 million
Gross profit increased 36% to $1.9 million
Gross margin decreased to 64.3%
Adjusted EBITDA loss decreased by 25% to $1.5 million
Accounts receivable at $7.0 million
Inventory at $2.3 million
Total assets at $16.7 million
Total stockholders’ equity at $4.5 million
Key Financial Highlights for 9 Months Ended September 30, 2022
Revenue increased 130% to $6.0 million
Gross profit increased 59% to $2.8 million
Gross margin decreased to 46.0%
Adjusted EBITDA loss decreased by 15% to $4.5 million
Key Business Highlights for Q3 2022
Signed Manufacturing and Distribution Agreement for Superfood Products with Forever Brands and Brooke Burke via BB Body, Inc.
Consolidated Hemp Division Operations in Colorado
Management Commentary
Marco Alfonsi, Can B’s Chief Executive Officer, stated, “We are thrilled with our tremendous quarterly results, having achieved the highest quarterly revenue in our company history. We generated $2.9 million in quarterly revenue while reducing our cash burn as demonstrated by the 25% decrease in Adjusted EBITDA. Our team made great strides over the past several months integrating and ramping up the various operations we strategically acquired over the past year to complete our vertical processing capabilities.”
Alfonsi concluded, “We had a vision and were confident in the assets we were assembling over the past year. It is great to see all the challenging work pay off and result in accelerating revenue growth and a reduction in cash losses. With our proven manufacturing and distribution capabilities, we are now executing major strategic agreements, such as the recently announced deal with Brooke Burke. Since the end of the quarter, we have started taking orders and shipping Superfood Products with Brooke Burke and are very excited about the early demand and results. Can B is now a full-service hemp-derived cannabinoid company that can facilitate servicing large box retailers, boutique vape and smoke stores, and strategic partners.”
Manufacturing and Distribution Agreement for Superfoods Products with Forever Brands and Brooke Burke via BB Body, Inc.
The initial 3-year worldwide agreement covers the sale, manufacturing, and distribution of Superfoods and related nutritional products. Can B subsidiaries Imbibe Wellness Solutions is the exclusive direct-to-consumer seller of the products and Pure Health Products is a manufacturer and distributor of the products. The products will be marketed under the Longevity by Brooke Burke trademarks and brand. The partnership includes a powdered drink superfood mix, an all-natural metabolic energy drink, and other products that may be mutually agreed from time to time.
Brooke Burke, an American television personality, fitness personality, author, actress, and businessperson, will market, endorse, and promote the products as a monthly online subscription model under her company BB Body, Inc.
Subsequent to the end of the third quarter, the product launched.
Financial Results for the Three Months Ended September 30, 2021:
Revenue: For the three months ended September 30, 2022, revenue was $2.9 million, an increase of $1.0 million, or 51%, compared with $1.9 million for the three months ended September 30, 2021. The increase is due to the ` winddown of restrictions related to the Covid-19 Pandemic surrounding elective surgeries, enabling an increase in the usage of the Company’s Duramed product lines and ultrasound devices associated with patient recovery. Additionally, due to asset acquisitions in 2021, the Company’s Music City Botanical and Botanical Biotech brands related to an increase of sales compared to 2021 of approximately $1.5 million.
Gross Profit: For the three months ended September 30, 2022, gross profit was $1.9 million, an increase of $0.5 million, or 36%, compared with $1.4 million for the three months ended September 30, 2021. The resulting gross margin was 64.3%, compared with 71.7% for the same quarter last year.
Total Operating Expenses: For the three months ended September 30, 2022, total operating expenses were $8.7 million, an increase of $4.8 million, or 223%, compared with $3.9 million for the same quarter last year. The increase in operating expenses was primarily due to the non-cash stock-based compensation expense of $4.5 million and $0.8 million of other non-cash and non-recurring one-time items.
Operating Loss: For the three months ended September 30, 2022, operating loss was $6.8 million, an increase of $4.3 million, or 271%, compared with an operating loss of $2.5 million for the same quarter last year.
Adjusted EBITDA Loss: For the three months ended September 30, 2022, Adjusted EBITDA loss was $1.5 million, a decrease of $0.5 million, or 25%, compared with an Adjusted EBITDA loss of $2.0 million for the same period last year, after deducting non-cash and one-time expenses.
Net Loss: For the three months ended September 30, 2022, the net loss was $6.9 million, or ($1.98) per share, compared with a net loss of $3.2 million, or a net loss of ($1.61) per share, for the three months ended September 30, 2021.
Financial Results for the Nine Months Ended September 30, 2022:
Revenue: For the nine months ended September 30, 2022, revenue was $6.0 million, an increase of $3.4 million, or 130%, compared with $2.6 million for the same period last year. The increase is due to the winddown of restrictions related to the Covid-19 Pandemic surrounding elective surgeries, enabling an increase in the usage of the Company’s Duramed product lines and ultrasound devices associated with patient recovery. Additionally, due to asset acquisitions in 2021, the Company’s Music City Botanical and Botanical Biotech brands related to an increase of sales compared to 2021 of approximately $2.2 million.
Gross Profit: For the nine months ended September 30, 2022, gross profit was $2.8 million, an increase of $1.0 million, or 59%, compared with $1.7 million for the same period last year. The resulting gross margin was 46%, compared with 66% for the same period last year.
Total Operating Expenses: For the nine months ended September 30, 2022, total operating expenses were $14.3 million, an increase of $5.7 million, or 243%, compared with $8.6 million for the same period last year. The increase in operating expenses was primarily due to the non-cash stock-based compensation expense of $5.1 million.
Operating Loss: For the nine months ended September 30, 2022, operating loss was $11.6 million, an increase of $4.7 million, compared with an operating loss of $6.9 million for the same period last year.
Adjusted EBITDA Loss: For the nine months ended September 30, 2022, Adjusted EBITDA loss was $4.5 million, a decrease of $0.8 million, or 15%, compared with an Adjusted EBITDA loss of $5.3 million for the same period last year, after deducting non-cash and one-time expenses.
Net Loss: For the nine months ended September 30, 2022, net loss was $12.0 million, or ($3.56) per share, compared with $8.2 million, or ($5.39) per share, for the same period last year.
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
CANB LOSS FOR 9 mos 2022 $12,024,759.
(that’s 12 MILLION DOLLARS)
https://www.otcmarkets.com/filing/conv_pdf?id=16214672&guid=AfG-keOlfywfJth
The consolidated financial statements have been prepared on a “going concern” basis, which contemplates the realization of assets and liquidation of liabilities in a normal course of business. As of September 30, 2022, the Company had cash and cash equivalents of $34,471 and negative working capital of $2,205,209. For the nine months ended September 30, 2022 and 2021, the Company had incurred losses of $12,024,759 and $8,152,487, respectively. These factors raise substantial doubt as to the Company’s ability to continue as a going concern.
CANB, doing just fine, 2nd Outstanding Record Breaking Quarter are Factual Information.
Looks like the going out of business Fiasco has reached an end after 4 years, lol.
Great to See the 24 hour dedication for us CANB followers will pay off soon.
CANB….2023 and Beyond.
LOL,,,, CANB shares are in strong hands. That was a good one and made me laugh. The shares are actually almost worth nothing from the multi RS's they pulled on share holders.
Good luck on the next as this pig is done.
Peace out
Worthless CANB shares in strong hands? Well alrighty
Peace out
Yawn…incredible what past losses will make the Inexperienced say. The going out of business fiasco still lingers 4 years later, lol.
Facts, Accumulation Continues Weekly/Monthly…..especially after seeing 2 Record Quarterly Earnings in a Row!
Shares are in Strong Hands, No wonder CANB is down on only 280 shares today.
CANB…..2023….and Beyond.
What a mess CANB turned out to be.. Maybe a sector change is in store as they played this CBD thing out as far as they can. Bloated salaries, MASSIVE chocking debt and a product that few want.
RIP CANB
Peace out
I’m hopeful that effort-is-underway on this charade.
Some should be in jail for what they did and promoted.
I think all realize CANB was over a long time ago. It is always hard for some to accept when someone was "duped" and these are nothing more then a sleek salesman scam.
Some should be in jail for what they did and promoted.
Peace out
Thanks Penny, I suspected as much.
Unfortunately, only realists want to respond to the question.
Oh well, we both know this charade is about over.
Time to kiss all money invested here “ADIOS”.
Not sure CANB is allowed any more RS's as they hit the limit from the looks of it. NASTY as they have no value left after the previous RS's.
Peace out
How many CANB-REVERSE-SPLITS in those 4 years?
Wait, I read that 4 years ago. Yet here we are Growing Faster then ever.
Sooo Exciting as CANB is Followed 24/7 into the Future, love it .
Key CANB Financial Summary:
These factors raise substantial doubt as to the Company’s ability to continue as a going concern.
Yep, Those Key Financial Highlights are Impressive Indeed. Easy to see why Accumulation Continues Weekly/Monthly. The mindless going out of business joke faded 4 years ago. CANB...2023---And Beyond.
Can B Corp. Reports Growth of 51% to $2.9 Million Revenue for Third Quarter 2022, the Highest Quarterly Revenue in Company History
Can B Corp
Tue, November 22, 2022 at 9:30 AM
In this article:
Can B Corp
Led by a Significant Increase in Duramed, Music City Botanical and Botanical Biotech Brands
Adjusted EBITDA Loss Decreased by 25% to $1.5 Million
HICKSVILLE, NY, Nov. 22, 2022 (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, today announced the Company's financial results for the third quarter and nine months ended September 30, 2022.
Key Financial Highlights for Q3 2022
Revenue increased 51% to $2.9 million
Gross profit increased 36% to $1.9 million
Gross margin decreased to 64.3%
Adjusted EBITDA loss decreased by 25% to $1.5 million
Accounts receivable at $7.0 million
Inventory at $2.3 million
Total assets at $16.7 million
Total stockholders’ equity at $4.5 million
Key Financial Highlights for 9 Months Ended September 30, 2022
Revenue increased 130% to $6.0 million
Gross profit increased 59% to $2.8 million
Gross margin decreased to 46.0%
Adjusted EBITDA loss decreased by 15% to $4.5 million
Key Business Highlights for Q3 2022
Signed Manufacturing and Distribution Agreement for Superfood Products with Forever Brands and Brooke Burke via BB Body, Inc.
Consolidated Hemp Division Operations in Colorado
Management Commentary
Marco Alfonsi, Can B’s Chief Executive Officer, stated, “We are thrilled with our tremendous quarterly results, having achieved the highest quarterly revenue in our company history. We generated $2.9 million in quarterly revenue while reducing our cash burn as demonstrated by the 25% decrease in Adjusted EBITDA. Our team made great strides over the past several months integrating and ramping up the various operations we strategically acquired over the past year to complete our vertical processing capabilities.”
Alfonsi concluded, “We had a vision and were confident in the assets we were assembling over the past year. It is great to see all the challenging work pay off and result in accelerating revenue growth and a reduction in cash losses. With our proven manufacturing and distribution capabilities, we are now executing major strategic agreements, such as the recently announced deal with Brooke Burke. Since the end of the quarter, we have started taking orders and shipping Superfood Products with Brooke Burke and are very excited about the early demand and results. Can B is now a full-service hemp-derived cannabinoid company that can facilitate servicing large box retailers, boutique vape and smoke stores, and strategic partners.”
KEY CANB FINANCIAL HIGHLIGHTS:
CANB LOSS FOR 9 mos 2022 $12,024,759.
https://www.otcmarkets.com/filing/conv_pdf?id=16214672&guid=AfG-keOlfywfJth
The consolidated financial statements have been prepared on a “going concern” basis, which contemplates the realization of assets and liquidation of liabilities in a normal course of business. As of September 30, 2022, the Company had cash and cash equivalents of $34,471 and negative working capital of $2,205,209. For the nine months ended September 30, 2022 and 2021, the Company had incurred losses of $12,024,759 and $8,152,487, respectively. These factors raise substantial doubt as to the Company’s ability to continue as a going concern.
Yep, Another Green Close today, Up over 10%!
Just can’t scare Smart Investors from Accumulating Weekly/Monthly.
Who can blame them, especially with Another Record Braking Quarter…Again:)
:
Key Financial Highlights for Q3 2022
Revenue increased 51% to $2.9 million
Gross profit increased 36% to $1.9 million
Gross margin decreased to 64.3%
Adjusted EBITDA loss decreased by 25% to $1.5 million
Accounts receivable at $7.0 million
Inventory at $2.3 million
Total assets at $16.7 million
Total stockholders’ equity at $4.5 million
Key Financial Highlights for 9 Months Ended September 30, 2022
Revenue increased 130% to $6.0 million
Gross profit increased 59% to $2.8 million
Gross margin decreased to 46.0%
Adjusted EBITDA loss decreased by 15% to $4.5 million
Key Business Highlights for Q3 2022
NASTY LOSS OF 12 MILLION! Bloated salaries, MASSIVE debt that is insane and a product few want. What more could a investor ask for. LOL
Peace out
CANB LOSS FOR 9 mos 2022 $12,024,759.
https://www.otcmarkets.com/filing/conv_pdf?id=16214672&guid=AfG-keOlfywfJth
The consolidated financial statements have been prepared on a “going concern” basis, which contemplates the realization of assets and liquidation of liabilities in a normal course of business. As of September 30, 2022, the Company had cash and cash equivalents of $34,471 and negative working capital of $2,205,209. For the nine months ended September 30, 2022 and 2021, the Company had incurred losses of $12,024,759 and $8,152,487, respectively. These factors raise substantial doubt as to the Company’s ability to continue as a going concern.
BG, I know pretty Impressive Quarter indeed, just when Everyone thought last quarter earnings couldn’t be toppled!
Goes to show As Always , Investors look at FACTS like this Monster Breaking Quarter instead of minuscule misinformation that is just deleted.
Nasdaq Cometh!
:
Can B Corp. Reports Growth of 51% to $2.9 Million Revenue for Third Quarter 2022, the Highest Quarterly Revenue in Company History!
Net Loss: For the nine months ended September 30, 2022, net loss was $12.0 million
Hmmm seems they cannot keep the door open much longer and no one wants the CBD crap.
Peace out
CANB down to $1.90. Apparently investors don't believe the happy horseshit about "growth".
Can B Corp. Reports Growth of 51% to $2.9 Million Revenue for Third Quarter 2022, the Highest Quarterly Revenue in Company History
Press Release | 11/22/2022
Led by a Significant Increase in Duramed, Music City Botanical and Botanical Biotech Brands
Adjusted EBITDA Loss Decreased by 25% to $1.5 Million
HICKSVILLE, NY, Nov. 22, 2022 (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, today announced the Company's financial results for the third quarter and nine months ended September 30, 2022.
Key Financial Highlights for Q3 2022
Revenue increased 51% to $2.9 million
Gross profit increased 36% to $1.9 million
Gross margin decreased to 64.3%
Adjusted EBITDA loss decreased by 25% to $1.5 million
Accounts receivable at $7.0 million
Inventory at $2.3 million
Total assets at $16.7 million
Total stockholders’ equity at $4.5 million
Key Financial Highlights for 9 Months Ended September 30, 2022
Revenue increased 130% to $6.0 million
Gross profit increased 59% to $2.8 million
Gross margin decreased to 46.0%
Adjusted EBITDA loss decreased by 15% to $4.5 million
Key Business Highlights for Q3 2022
Signed Manufacturing and Distribution Agreement for Superfood Products with Forever Brands and Brooke Burke via BB Body, Inc.
Consolidated Hemp Division Operations in Colorado
Management Commentary
Marco Alfonsi, Can B’s Chief Executive Officer, stated, “We are thrilled with our tremendous quarterly results, having achieved the highest quarterly revenue in our company history. We generated $2.9 million in quarterly revenue while reducing our cash burn as demonstrated by the 25% decrease in Adjusted EBITDA. Our team made great strides over the past several months integrating and ramping up the various operations we strategically acquired over the past year to complete our vertical processing capabilities.”
Alfonsi concluded, “We had a vision and were confident in the assets we were assembling over the past year. It is great to see all the challenging work pay off and result in accelerating revenue growth and a reduction in cash losses. With our proven manufacturing and distribution capabilities, we are now executing major strategic agreements, such as the recently announced deal with Brooke Burke. Since the end of the quarter, we have started taking orders and shipping Superfood Products with Brooke Burke and are very excited about the early demand and results. Can B is now a full-service hemp-derived cannabinoid company that can facilitate servicing large box retailers, boutique vape and smoke stores, and strategic partners.”
Manufacturing and Distribution Agreement for Superfoods Products with Forever Brands and Brooke Burke via BB Body, Inc.
The initial 3-year worldwide agreement covers the sale, manufacturing, and distribution of Superfoods and related nutritional products. Can B subsidiaries Imbibe Wellness Solutions is the exclusive direct-to-consumer seller of the products and Pure Health Products is a manufacturer and distributor of the products. The products will be marketed under the Longevity by Brooke Burke trademarks and brand. The partnership includes a powdered drink superfood mix, an all-natural metabolic energy drink, and other products that may be mutually agreed from time to time.
Brooke Burke, an American television personality, fitness personality, author, actress, and businessperson, will market, endorse, and promote the products as a monthly online subscription model under her company BB Body, Inc.
Subsequent to the end of the third quarter, the product launched.
Financial Results for the Three Months Ended September 30, 2021:
Revenue: For the three months ended September 30, 2022, revenue was $2.9 million, an increase of $1.0 million, or 51%, compared with $1.9 million for the three months ended September 30, 2021. The increase is due to the ` winddown of restrictions related to the Covid-19 Pandemic surrounding elective surgeries, enabling an increase in the usage of the Company’s Duramed product lines and ultrasound devices associated with patient recovery. Additionally, due to asset acquisitions in 2021, the Company’s Music City Botanical and Botanical Biotech brands related to an increase of sales compared to 2021 of approximately $1.5 million.
Gross Profit: For the three months ended September 30, 2022, gross profit was $1.9 million, an increase of $0.5 million, or 36%, compared with $1.4 million for the three months ended September 30, 2021. The resulting gross margin was 64.3%, compared with 71.7% for the same quarter last year.
Total Operating Expenses: For the three months ended September 30, 2022, total operating expenses were $8.7 million, an increase of $4.8 million, or 223%, compared with $3.9 million for the same quarter last year. The increase in operating expenses was primarily due to the non-cash stock-based compensation expense of $4.5 million and $0.8 million of other non-cash and non-recurring one-time items.
Operating Loss: For the three months ended September 30, 2022, operating loss was $6.8 million, an increase of $4.3 million, or 271%, compared with an operating loss of $2.5 million for the same quarter last year.
Adjusted EBITDA Loss: For the three months ended September 30, 2022, Adjusted EBITDA loss was $1.5 million, a decrease of $0.5 million, or 25%, compared with an Adjusted EBITDA loss of $2.0 million for the same period last year, after deducting non-cash and one-time expenses.
Net Loss: For the three months ended September 30, 2022, the net loss was $6.9 million, or ($1.98) per share, compared with a net loss of $3.2 million, or a net loss of ($1.61) per share, for the three months ended September 30, 2021.
Financial Results for the Nine Months Ended September 30, 2022:
Revenue: For the nine months ended September 30, 2022, revenue was $6.0 million, an increase of $3.4 million, or 130%, compared with $2.6 million for the same period last year. The increase is due to the winddown of restrictions related to the Covid-19 Pandemic surrounding elective surgeries, enabling an increase in the usage of the Company’s Duramed product lines and ultrasound devices associated with patient recovery. Additionally, due to asset acquisitions in 2021, the Company’s Music City Botanical and Botanical Biotech brands related to an increase of sales compared to 2021 of approximately $2.2 million.
Gross Profit: For the nine months ended September 30, 2022, gross profit was $2.8 million, an increase of $1.0 million, or 59%, compared with $1.7 million for the same period last year. The resulting gross margin was 46%, compared with 66% for the same period last year.
Total Operating Expenses: For the nine months ended September 30, 2022, total operating expenses were $14.3 million, an increase of $5.7 million, or 243%, compared with $8.6 million for the same period last year. The increase in operating expenses was primarily due to the non-cash stock-based compensation expense of $5.1 million.
Operating Loss: For the nine months ended September 30, 2022, operating loss was $11.6 million, an increase of $4.7 million, compared with an operating loss of $6.9 million for the same period last year.
Adjusted EBITDA Loss: For the nine months ended September 30, 2022, Adjusted EBITDA loss was $4.5 million, a decrease of $0.8 million, or 15%, compared with an Adjusted EBITDA loss of $5.3 million for the same period last year, after deducting non-cash and one-time expenses.
Net Loss: For the nine months ended September 30, 2022, net loss was $12.0 million, or ($3.56) per share, compared with $8.2 million, or ($5.39) per share, for the same period last year.
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
NASDAQ
The Badguy
Misleading, as forecasted. CANB up again today.
Easy to see why, Another Record Breaking Quarter (see sticky post).
Nothing better then facts instead of misinformation.
As forecasted, CANB down another 25% and looks like this scheme is played out.
Peace out
Maybe a 3rd CANB RS to get things really moving. LOL
Peace out
This charade is imploding before our eyes.
Net Loss: For the nine months ended September 30, 2022, net loss was $12.0 million, or ($3.56) per share, compared with $8.2 million, or ($5.39) per share, for the same period last year.
WHAT A TRAIN WRECK!
Peace out
LOOK OUT BELOWWWW! CANB TRAIN WRECK!
Peace out
CANB down almost 32% on news.
Something smells poorly in CANB land.
As Forecasted, Another Record Quarterly Revenue Record for CANB!
Can B Corp. Reports Growth of 51% to $2.9 Million Revenue for Third Quarter 2022, the Highest Quarterly Revenue in Company History
Can B Corp
Tue, November 22, 2022 at 9:30 AM
In this article:
Can B Corp
Led by a Significant Increase in Duramed, Music City Botanical and Botanical Biotech Brands
Adjusted EBITDA Loss Decreased by 25% to $1.5 Million
HICKSVILLE, NY, Nov. 22, 2022 (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, today announced the Company's financial results for the third quarter and nine months ended September 30, 2022.
Key Financial Highlights for Q3 2022
Revenue increased 51% to $2.9 million
Gross profit increased 36% to $1.9 million
Gross margin decreased to 64.3%
Adjusted EBITDA loss decreased by 25% to $1.5 million
Accounts receivable at $7.0 million
Inventory at $2.3 million
Total assets at $16.7 million
Total stockholders’ equity at $4.5 million
Key Financial Highlights for 9 Months Ended September 30, 2022
Revenue increased 130% to $6.0 million
Gross profit increased 59% to $2.8 million
Gross margin decreased to 46.0%
Adjusted EBITDA loss decreased by 15% to $4.5 million
Key Business Highlights for Q3 2022
Signed Manufacturing and Distribution Agreement for Superfood Products with Forever Brands and Brooke Burke via BB Body, Inc.
Consolidated Hemp Division Operations in Colorado
Management Commentary
Marco Alfonsi, Can B’s Chief Executive Officer, stated, “We are thrilled with our tremendous quarterly results, having achieved the highest quarterly revenue in our company history. We generated $2.9 million in quarterly revenue while reducing our cash burn as demonstrated by the 25% decrease in Adjusted EBITDA. Our team made great strides over the past several months integrating and ramping up the various operations we strategically acquired over the past year to complete our vertical processing capabilities.”
Alfonsi concluded, “We had a vision and were confident in the assets we were assembling over the past year. It is great to see all the challenging work pay off and result in accelerating revenue growth and a reduction in cash losses. With our proven manufacturing and distribution capabilities, we are now executing major strategic agreements, such as the recently announced deal with Brooke Burke. Since the end of the quarter, we have started taking orders and shipping Superfood Products with Brooke Burke and are very excited about the early demand and results. Can B is now a full-service hemp-derived cannabinoid company that can facilitate servicing large box retailers, boutique vape and smoke stores, and strategic partners.”
Manufacturing and Distribution Agreement for Superfoods Products with Forever Brands and Brooke Burke via BB Body, Inc.
The initial 3-year worldwide agreement covers the sale, manufacturing, and distribution of Superfoods and related nutritional products. Can B subsidiaries Imbibe Wellness Solutions is the exclusive direct-to-consumer seller of the products and Pure Health Products is a manufacturer and distributor of the products. The products will be marketed under the Longevity by Brooke Burke trademarks and brand. The partnership includes a powdered drink superfood mix, an all-natural metabolic energy drink, and other products that may be mutually agreed from time to time.
Brooke Burke, an American television personality, fitness personality, author, actress, and businessperson, will market, endorse, and promote the products as a monthly online subscription model under her company BB Body, Inc.
Subsequent to the end of the third quarter, the product launched.
Financial Results for the Three Months Ended September 30, 2021:
Revenue: For the three months ended September 30, 2022, revenue was $2.9 million, an increase of $1.0 million, or 51%, compared with $1.9 million for the three months ended September 30, 2021. The increase is due to the ` winddown of restrictions related to the Covid-19 Pandemic surrounding elective surgeries, enabling an increase in the usage of the Company’s Duramed product lines and ultrasound devices associated with patient recovery. Additionally, due to asset acquisitions in 2021, the Company’s Music City Botanical and Botanical Biotech brands related to an increase of sales compared to 2021 of approximately $1.5 million.
Gross Profit: For the three months ended September 30, 2022, gross profit was $1.9 million, an increase of $0.5 million, or 36%, compared with $1.4 million for the three months ended September 30, 2021. The resulting gross margin was 64.3%, compared with 71.7% for the same quarter last year.
Total Operating Expenses: For the three months ended September 30, 2022, total operating expenses were $8.7 million, an increase of $4.8 million, or 223%, compared with $3.9 million for the same quarter last year. The increase in operating expenses was primarily due to the non-cash stock-based compensation expense of $4.5 million and $0.8 million of other non-cash and non-recurring one-time items.
Operating Loss: For the three months ended September 30, 2022, operating loss was $6.8 million, an increase of $4.3 million, or 271%, compared with an operating loss of $2.5 million for the same quarter last year.
Adjusted EBITDA Loss: For the three months ended September 30, 2022, Adjusted EBITDA loss was $1.5 million, a decrease of $0.5 million, or 25%, compared with an Adjusted EBITDA loss of $2.0 million for the same period last year, after deducting non-cash and one-time expenses.
Net Loss: For the three months ended September 30, 2022, the net loss was $6.9 million, or ($1.98) per share, compared with a net loss of $3.2 million, or a net loss of ($1.61) per share, for the three months ended September 30, 2021.
Financial Results for the Nine Months Ended September 30, 2022:
Revenue: For the nine months ended September 30, 2022, revenue was $6.0 million, an increase of $3.4 million, or 130%, compared with $2.6 million for the same period last year. The increase is due to the winddown of restrictions related to the Covid-19 Pandemic surrounding elective surgeries, enabling an increase in the usage of the Company’s Duramed product lines and ultrasound devices associated with patient recovery. Additionally, due to asset acquisitions in 2021, the Company’s Music City Botanical and Botanical Biotech brands related to an increase of sales compared to 2021 of approximately $2.2 million.
Gross Profit: For the nine months ended September 30, 2022, gross profit was $2.8 million, an increase of $1.0 million, or 59%, compared with $1.7 million for the same period last year. The resulting gross margin was 46%, compared with 66% for the same period last year.
Total Operating Expenses: For the nine months ended September 30, 2022, total operating expenses were $14.3 million, an increase of $5.7 million, or 243%, compared with $8.6 million for the same period last year. The increase in operating expenses was primarily due to the non-cash stock-based compensation expense of $5.1 million.
Operating Loss: For the nine months ended September 30, 2022, operating loss was $11.6 million, an increase of $4.7 million, compared with an operating loss of $6.9 million for the same period last year.
Adjusted EBITDA Loss: For the nine months ended September 30, 2022, Adjusted EBITDA loss was $4.5 million, a decrease of $0.8 million, or 15%, compared with an Adjusted EBITDA loss of $5.3 million for the same period last year, after deducting non-cash and one-time expenses.
Net Loss: For the nine months ended September 30, 2022, net loss was $12.0 million, or ($3.56) per share, compared with $8.2 million, or ($5.39) per share, for the same period last year.
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
"Smart money" and CANB do not belong in the same sentence.
CANB will NEVER EVER be on NASDAQ! Mark it!
Peace out
Nobody wants to talk about the monumental losses suffered as a result of the misleading CANB promo. The losses here as a result of the promo are unconscionable.
Misleading opinion posts on CANB seem to fade away and go Nowhere.
Smart Money will keep on Accumulating Weekly and Monthly.
Record Quarterly Earnings are Factual, see below.
Can’t wait to see this Quarterly Record Earnings!
Congratulations to Investors that Have Been Loading in this $2-$4 Range All Year!$$$$
CANB- 2023—And Beyond! Mark It.
:
THE HIGHEST QUARTERLY REVENUE IN COMPANY HISTORY, Very Impressive Indeed:
Can B Corp. Reports First Quarter Revenue Growth of 606% to $1.9 Million, the Highest Quarterly Revenue in Company History
May 18 2022 - 07:26AM
InvestorsHub NewsWire
Alert
Print
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Strengthened Balance Sheet with Increases to $17.0 Million in Total Assets and $6.2 Million in Stockholders Equity
HICKSVILLE, NY -- May 18, 2022 -- InvestorsHub NewsWire -- 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, today announced the Company's financial results for the first quarter ended March 31, 2022.
Key Financial Highlights for Q1 2022
Revenue increased 606% to $1.9 million
Gross profit increased 291% to $0.7 million
Adjusted EBITDA loss decreased 30% to $0.9 million
Total assets increased to $17.0 million
Total stockholders’ equity increased to $6.2 million
Key Business Highlights for Q1 2022
Solidified and integrated vertical processing capabilities from recent acquisitions
Advanced build-out of first CBD lounge in Miami, Florida
Continuing path for potential NASDAQ up-listing
Management Commentary
Marco Alfonsi, Can B’s Chief Executive Officer, stated, “We are extremely pleased with our tremendous quarterly results, having achieved the highest quarterly revenue in our company history. We generated the $1.9 million in quarterly revenue while reducing our cash burn as demonstrated by the decrease in adjusted EBITDA to $0.9 million. The strategic moves we have made over the past several months have completed our vertical processing capabilities and put us in great position to accelerate our revenue growth and strengthen our balance sheet. This quarter’s results prove our plans are working as our team continues its hard at work integrating and ramping up the various operations to continue this momentum into the future.”
Alfonsi concluded, “Can B is now a full-service hemp-derived cannabinoid company that can facilitate servicing the large box types as well as the boutique vape and smoke store. Our dramatic revenue improvements, coupled with our acquisitions and asset base increases, position us solidly to continue our application process for a NASDA up listing.”
Vertical Processing Capabilities
Secured hemp biomass and winterized crude to create over 13,000 Liters (1 Liter = 1.05 Quarts) of isomers, including Delta-8, with a potential wholesale value exceeding $10 million at today's market price. Can B's late 2021 acquired facilities in Colorado will receive harvested hemp biomass and convert it to winterized crude. These same facilities will then process it to distillate, then to isolate which will be shipped to Company-owned facilities in Florida and Tennessee to produce Delta-8 or other isomers, or to its manufacturing facility in Lacey, Washington for its line of CBD tinctures, salves, gels, and drops. This processing is expected to take 5-6 months to produce 13,000 liters of Delta-8 and other isomers with potential revenue of $10 million.
300,000 Square Foot Facility in McMinnville, Tennessee
Acquisition of Assets from TWS Pharma included leases on a total of 15,000 square foot of facilities located in Mead and Ft. Morgan Colorado.
Acquisition of Assets from Music City Botanicals added additional volume in extraction, isomer lab production, and R&D into the evolving isomer market with such products as Delta-10, CBG, CBN, and CBDA.
Financial Results for the Three Months Ended March 31, 2022:
Revenue: For the three months ended March 31, 2022, revenue was $1.9 million, an increase of $1.6 million, or 606%, compared with $0.3 million for the same period last year. The increase is due to the wind-down of restrictions related to the Covid-19 Pandemic surrounding elective surgeries, enabling an increase in the usage of the Company’s Duramed product lines and ultrasound device associated with patient recovery. Additionally, due to asset acquisitions in 2021, the Company’s Music City Botanical and Botanical Biotech brands related to an increase in sales compared to 2021 of $0.6 million.
Gross Profit: For the three months ended March 31, 2022, gross profit was $0.7 million, an increase of $0.4 million, or 291%, compared with $0.2 million for the same period last year. The resulting gross margin was 36.0%, compared with 75.0% for the same period last year.
Total Operating Expenses: For the three months ended March 31, 2022, total operating expenses were $3.9 million, an increase of $1.8 million, or 91%, compared with $2.0 million for the same period last year, as a direct result of professional fees and other accounting and legal fees related to the Company’s registration statement S-1 filing efforts.
Of note, $2.3 million of the Company's operating expenses for the three months ended March 31, 2022, were non-cash expenses, including depreciation, amortization, and stock-based compensation, compared to $0.5 million for the same period last year.
Operating Loss: For the three months ended March 31, 2022, operating loss was $3.2 million, an increase of $1.4 million, compared with an operating loss of $1.8 million for the same period last year.
Adjusted EBITDA Loss: For the three months ended March 31, 2022, Adjusted EBITDA loss was $0.9 million, a decrease of $0.4 million, or 30%, compared with an Adjusted EBITDA loss of $1.3 million for the same period last year, after deducting non-cash and one-time expenses.
Net Loss: For the three months ended March 31, 2022, net loss was $3.5 million, an increase of $1.3 million, or 60%, compared with $2.2 million for the same period last year. The EPS loss per share for the three months ended March 31, 2022, was ($1.10), compared to ($3.58) for the same period last year.
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
So, “Record Quarterly Earnings” = PPS of $.0015?
Thanks Penny Masters!
That puts a whole new perspective on the bullshit CANB promo.
Current true value is .0015 after multi RS's. It also looks like CANB will be dropping further based on the massive debt, bloated salaries and product that few seem to want.
Peace out
Once again, I ask the board…
WHAT IS THE CURRENT POST-SPLIT VALUE OF CANB?
(thanks to anyone brave enough to reply)
Misleading, CANB up again today. End of Day Buying Continues Daily/Weekly/Monthly.
After 4 Years, Investors have caught on to the Lie of going out of business.
Nasdaq Cometh
CANB will have to announce new sector soon as the CBD crap is played out and nothing more to see here.
Peace out
Have no idea how CANB is still trading as the multi RS killed any share holder value. Massive debt and bloated salaries will be the end of this.
CANB will most likely need to change sectors or pivot to something outside of CBD.
Peace out
What’s the pre-split equivalent for CANB today?
Odds are 1,000 to 1 that no promo group wants that number advertised.
Another 12% Up today, end of Day Buying Continues. Goes to show Facts like Record Quarterly Earnings will Always keep Investors Loading at these Discounted Prices.
Nasdaq Cometh
Investors have, and that is why Accumulation Continues Monthly, Nothing like Facts instead of the 4 year Dragging Opinion Fiasco going out of business, Period.
If CANB players want to understand the term “misleading”…
take special note of the CANB promo.
Nothing misleading in that post… very accurate for sure.
Totally Misleading Opinion. CANB Continues to make All the Right Moves.
Investors Only Follow Facts…like Record Earnings..See Below.
No wonder Accumulating Continues Weekly and Monthly.
Can’t wait to see this Quarters Record Earnings…..So Exciting!$$$$
:
THE HIGHEST QUARTERLY REVENUE IN COMPANY HISTORY, Very Impressive Indeed:
Can B Corp. Reports First Quarter Revenue Growth of 606% to $1.9 Million, the Highest Quarterly Revenue in Company History
May 18 2022 - 07:26AM
InvestorsHub NewsWire
Alert
Print
Share On Facebook
Strengthened Balance Sheet with Increases to $17.0 Million in Total Assets and $6.2 Million in Stockholders Equity
HICKSVILLE, NY -- May 18, 2022 -- InvestorsHub NewsWire -- 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, today announced the Company's financial results for the first quarter ended March 31, 2022.
Key Financial Highlights for Q1 2022
Revenue increased 606% to $1.9 million
Gross profit increased 291% to $0.7 million
Adjusted EBITDA loss decreased 30% to $0.9 million
Total assets increased to $17.0 million
Total stockholders’ equity increased to $6.2 million
Key Business Highlights for Q1 2022
Solidified and integrated vertical processing capabilities from recent acquisitions
Advanced build-out of first CBD lounge in Miami, Florida
Continuing path for potential NASDAQ up-listing
Management Commentary
Marco Alfonsi, Can B’s Chief Executive Officer, stated, “We are extremely pleased with our tremendous quarterly results, having achieved the highest quarterly revenue in our company history. We generated the $1.9 million in quarterly revenue while reducing our cash burn as demonstrated by the decrease in adjusted EBITDA to $0.9 million. The strategic moves we have made over the past several months have completed our vertical processing capabilities and put us in great position to accelerate our revenue growth and strengthen our balance sheet. This quarter’s results prove our plans are working as our team continues its hard at work integrating and ramping up the various operations to continue this momentum into the future.”
Alfonsi concluded, “Can B is now a full-service hemp-derived cannabinoid company that can facilitate servicing the large box types as well as the boutique vape and smoke store. Our dramatic revenue improvements, coupled with our acquisitions and asset base increases, position us solidly to continue our application process for a NASDA up listing.”
Vertical Processing Capabilities
Secured hemp biomass and winterized crude to create over 13,000 Liters (1 Liter = 1.05 Quarts) of isomers, including Delta-8, with a potential wholesale value exceeding $10 million at today's market price. Can B's late 2021 acquired facilities in Colorado will receive harvested hemp biomass and convert it to winterized crude. These same facilities will then process it to distillate, then to isolate which will be shipped to Company-owned facilities in Florida and Tennessee to produce Delta-8 or other isomers, or to its manufacturing facility in Lacey, Washington for its line of CBD tinctures, salves, gels, and drops. This processing is expected to take 5-6 months to produce 13,000 liters of Delta-8 and other isomers with potential revenue of $10 million.
300,000 Square Foot Facility in McMinnville, Tennessee
Acquisition of Assets from TWS Pharma included leases on a total of 15,000 square foot of facilities located in Mead and Ft. Morgan Colorado.
Acquisition of Assets from Music City Botanicals added additional volume in extraction, isomer lab production, and R&D into the evolving isomer market with such products as Delta-10, CBG, CBN, and CBDA.
Financial Results for the Three Months Ended March 31, 2022:
Revenue: For the three months ended March 31, 2022, revenue was $1.9 million, an increase of $1.6 million, or 606%, compared with $0.3 million for the same period last year. The increase is due to the wind-down of restrictions related to the Covid-19 Pandemic surrounding elective surgeries, enabling an increase in the usage of the Company’s Duramed product lines and ultrasound device associated with patient recovery. Additionally, due to asset acquisitions in 2021, the Company’s Music City Botanical and Botanical Biotech brands related to an increase in sales compared to 2021 of $0.6 million.
Gross Profit: For the three months ended March 31, 2022, gross profit was $0.7 million, an increase of $0.4 million, or 291%, compared with $0.2 million for the same period last year. The resulting gross margin was 36.0%, compared with 75.0% for the same period last year.
Total Operating Expenses: For the three months ended March 31, 2022, total operating expenses were $3.9 million, an increase of $1.8 million, or 91%, compared with $2.0 million for the same period last year, as a direct result of professional fees and other accounting and legal fees related to the Company’s registration statement S-1 filing efforts.
Of note, $2.3 million of the Company's operating expenses for the three months ended March 31, 2022, were non-cash expenses, including depreciation, amortization, and stock-based compensation, compared to $0.5 million for the same period last year.
Operating Loss: For the three months ended March 31, 2022, operating loss was $3.2 million, an increase of $1.4 million, compared with an operating loss of $1.8 million for the same period last year.
Adjusted EBITDA Loss: For the three months ended March 31, 2022, Adjusted EBITDA loss was $0.9 million, a decrease of $0.4 million, or 30%, compared with an Adjusted EBITDA loss of $1.3 million for the same period last year, after deducting non-cash and one-time expenses.
Net Loss: For the three months ended March 31, 2022, net loss was $3.5 million, an increase of $1.3 million, or 60%, compared with $2.2 million for the same period last year. The EPS loss per share for the three months ended March 31, 2022, was ($1.10), compared to ($3.58) for the same period last year.
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
CANB is pretty much done and over. Products that few want, bloated salaries and debt up to their eyeballs. Bet it has to be almost impossible to want to get up and go to work at CANB.
Really little to see here any longer as the few RS's killed any chance for any share holders. Maybe a 3rd RS will get the job done. LOLOLOL
Zero chance ever for NASDAQ and surprised they made it this long without closing up shop or pivoting to another sector.
Peace out
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These brands include Canbiola, developed for the medical community, Seven Chakras, a spa line, NuWellness for independent Pharmacies and Pure Leaf Oil, their flagship consumer brand.
A growing line of other consumer products are also being developed, with exclusive partner agreements, to sell topical topicals, beverages and ingestible products under the LifeGuard® Brand. The company is launching a full line of Sunscreens, Lip Balms, Replenish Supplements and Water in the summer of 2020. In addition, a line of nutritional supplements called Superfoods, is being readied for a launch at the same time.
Their R&D and production facility is in Lacey WA. There they create, tests, and with a proprietary processes, produce the company’s CBD line of products and private label products to the industry’s highest standards.
CanB owns and operates Green Grow Farms, which is licensed to grow and cultivate Hemp in the State of New York.
Through the Duramed Division, the company offers FDA approved medical devices that alleviate joint, bone and muscle pain from injuries and surgery. Sold through doctors and the medical community, they are considered an important part of the solution to solving the opioid crisis.
http://www.canbcorp.com/
https://canbiola.com
https://duramed.us
https://www.otcmarkets.com/stock/CANB/security
Canbiola, Inc. (OTCQB: CANB) Announces the Formation of a New Wholly Owned Subsidiary- DuraMed, Inc
https://duramed.us
https://www.otcmarkets.com/stock/CANB/news/Canbiola-Inc-OTCQB-CANB-Announces-the-Formation-of-a-New-Wholly-Owned-Subsidiary--DuraMed-Inc?id=216443
SUSTAINED ACOUSTIC MEDICINE (SAMS)
Duramed provides wearable bioelectronic devices for the delivery of sustained acoustic medicine (SAMs). The proprietary miniaturized ultrasound platform is designed for the treatment of acute and chronic musculoskeletal conditions, and clinically proven to enhance tissue recovery, accelerate the natural healing processes, and relieve pain.
The SAM® family of products are the only FDA-cleared wearable devices for multi-hour continuous low intensity ultrasound therapy. SAM has a CE Mark, Canada Licensed, and is a Class II medical device in Malaysia and Singapore.
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