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Ok, Back to reality. Smart Money keeps loading these Golden CANB shares daily. Knocking on $4 easily soon.
Beautiful breakout chart forming, easy to see why.
-Nasdaq Bound
-Quarter after Quarter Record Earnings
-Incredibly Low Float
-Expansion
Looking good Longs, hope no one gets left behind as this run Begins :)
Correct! Micro Float alone will move CANB Aggressively Into the $4 Range Easily. Add to it :
$Nasdaq Bound
$Quarter after Quarter Record Earnings
$Expansion
Nicely broken down, Massive Climb headed our way for sure.
Yes, it will.
Smart Money Continues to Load Up at these levels, Fact.
To say otherwise is deceiving.
About to cross into the $2.00 range as this run is just starting.
Record Earnings Quarter after Quarter
Extremely Low Float
Nasdaq Bound
Expansion
A No Brainer to Accumulate and Hold
CANB about to cross into the $2.00 range soon. Accumulation Continues :)
Misleading, CANB continues to move North. Beautiful 1 month chart shows it’s steady climb.
Smart Money loading.
Extremely Small Float
Record Earnings Quarter after Quarter
Nasdaq Bound
Expansion Continues
CANB Low Float Monster, Smart Money Accumulation Continues.
Approach $2.00 soon and $4.00 will shortly follow. Explains the Growing interest by Smart Investors. Easy to see why ;)
Quarter after Quarter Record Earnings
Incredibly Low Float
Nasdaq Bound
Expansion
Spot on BG. Easy to see why All Eyes are following CANB 24/7.
Spot on BG with the Facts! CANB Accumulation Continues by Smart Money!
Quarter after Quarter record Earnings
Incredibly Low Float
Nasdaq coming
Expansion
A No Brainer to keep Loading!
No wonder smart money keeps loading up on CANB. Excellent Information, thank you.
CANB Value continues to rise, can’t fool Smart Money that easily. Accumulation Continues as this run is only getting started.
Spot On BG. CANB, Loading and Holding these golden shares
It’s happening Now, CANB Continues it’s Climb, to say otherwise is FALSE IMO.
Low Float
Record Earnings Quarter after Quarter
Nasdaq Bound
No wonder Accumulation Continues by Smart Money....Period.
Yep, $4 easily, shares continue to be Accumulated by strong hands.
Record Earnings
Nasdaq Bound
Small Float
Exciting Times ahead for CANB, Excellent move for CANB with the signing of The Hemp Processing Use Agreement. Hello Full Vertical Integration :)
Spot On BG, CANB continues to gain Momentum Daily. Smart Money Accumulation Continues....A No Brainer.
Thank You, Excellent Information on CANB, word is spreading fast as this run is just getting started.
CAN B Corp – Breakout On News – Target Price $4.00 – A Triple
CANB 1.4800 2.0690%
Jun
5
2020
Breakout Stocks Corona Virus Stocks Quote
Can B Corp. ( CANB OTC ) is a Health & Wellness company providing the highest quality cannabidiol (CBD) products under the brands of Canbiola, Seven Chakras, Nu Wellness, Pure Leaf Oil and Duramed. Can B utilizes multi-channel distribution to reach consumers, including medical facilities, doctor offices, and online and direct retailers.
Can B is also an exclusive partner of the LifeGuard™ Licensing 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 grower and cultivator in New York. To learn more about Can B Corp. and our comprehensive line of high quality CBD products,
These shares have been consolidating since reaching $6.50 in Jan 2020. Revenues and margins are soaring up 10% with gross margins at 79%. This company has all the right stuff and is ready for a significant advance . Harbinger Research places a $4.00 TARGET PRICE on these shares ( After adjustment – split )
We urge all serious investors to place these shares on their buy list
RESEARCH REPORT BRANDS FINANCIALS WEBSITE ORDER NOW
Can B Corp Announces First Quarter 2020 Results Increased Quarterly Revenue, Outpacing Expense Increases Demonstrating Scalability and Leverage of the Business Gross Margin of 79%
HICKSVILLE, NY, May 26, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE – Can B Corp. (OTCQB: CANB) (“Can B” or the “Company”), a diversified health and wellness company, announced today operating and financial results for the first quarter ended March 31, 2020.
“I am pleased to report that we are off to an exceptional start in 2020 and our business model is demonstrating its scalability and leverage. For the first time since our inception, our revenue growth has outpaced the increase in operating expenses. Combined with our 79% gross margin, we are operating at our most efficient rate ever. We expect continued growth of the business and our goal is no less than profitability,” stated Marco Alfonsi, Can B’s Chief Executive Officer.
Mr. Alfonsi continued, “On the corporate front, our name change to Can B Corp. better reflects our position as a Health & Wellness company providing the highest quality cannabidiol (CBD) products as well as traditional wellness products. On the capital markets side, our aggressive restructuring measures have greatly improved our visibility and capabilities to access more favorable sources of capital. Our outstanding share count is just over 3 million shares with a 1.4 million share public float which is attractive to potential investors. The additional capital would allow us to execute on our future growth strategies.”
Mr. Alfonsi concluded, “Our diversified product line has us well-positioned to continue to increase market penetration. We have a multi-channel distribution strategy for the LifeGuard™ line of products bolstered by an exclusive license agreement. We also have new products in development from our R&D group at Pure Health Products in Lacey, WA, and recently acquired Green Grow Farms, a licensed hemp grow and cultivation operation in New York. As we continue to follow through on our initiatives in 2020 it is our hope that our shareholders are equally excited to see our continued growth come to fruition.”
Key Business Highlights for Q1 2020:
Changed corporate name to Can B Corp.
Restructured share structure to reflect 3 million I/O & 1.4 million Float
Signed Exclusive License Agreement with LifeGuard Brands for topicals
Shipped a major white label CBD program with a multi-unit retail chain
Closed 100% Green Grow Farms acquisition
Key Financial Highlights for Q1 2020:
Revenues increased by about 10% to $569,707
Gross margin of nearly 79%
Operating loss decreased by about 5% to $1,111,993, and included $591,841 in non-cash stock-based compensation and amortization of intangibles
Adjusted operating loss of $520,152
Business Updates:
LifeGuard
In January, Can B signed an exclusive License Agreement with Lifeguard Licensing Corp. for the use of the well-known LifeGuard brand name and logo for a host of skincare and wellness products that will include CBD and non-CBD formulations. This includes topicals, beverages, and ingestible products as well as a full line of sunscreens, lip balms, replenish supplements, and lifestyle water. We have completed the 3D Design of the unique packaging of our “Skin Preserver” Sun Block line, as well as our Lip Balm line. The products are planned to launch in a value-add package with the unique and identifiable LifeGuard rescue buoy with lanyard rope. The Company is now moving forward to molds and manufacturing, and, with a soon to be contracted manufacturer, we will be moving quickly for the production of our initial SPF30 and SPF50 lines, as well an after-sun moisturizer. We’re currently working to finalize a manufacturer for our lip balm and lifestyle water line. Initial product renderings may be viewed at www.shoplifeguard.com. At this point due to the uncertainty of beach openings and permissible outdoor gatherings, we are targeting a limited launch in Florida and other southern states, and will have nationwide availability online. This is planned to be followed by a national retail launch in 2021.
Green Grow Farms
In December 2019, the Company closed the previously announced agreement for an all-stock transaction to acquire 51 % of Green Grow Farms Inc. and acquired 100% in March. Green Grow Farms Inc is licensed by New York State to grow hemp under the Hemp Research Pilot Program; it grows industrial hemp for grain, flower, and CBD. Green Grow Farms has successfully grown and harvested 6 acres on two farms in Calverton, NY this year, yielding in excess of 12,000 pounds of dried biomass. The current New York inventory consists of Suver Haze and Sweetened varieties with CBD content ranging from 13% to 16%.
Superfood
Pure Health Products LLC (“PHP”), a wholly-owned subsidiary of Can B Corp located in Lacey, Washington, is an innovator in the formulation and manufacturing of hemp-derived CBD products containing no or only trace amounts of THC. PHP’s formulation and manufacturing directly serve our full line of products including tinctures, salves, and gels, as well as a private label service for independent consumer brands. The Company is pleased to announce it has experienced limited interruption during this challenging COVID-19 pandemic. Although several Company customers have experienced business shutdowns during the last few weeks, we are pleased to announce many have resumed business via online ordering and/or initiating new direct shipment orders. Additionally, the Company has recently installed new state-of-the-art, high-speed, automatic bottling and capping equipment and new bulk processing equipment for the production of the Can B Superfood line, which is now available at www.CanBSuperFood.com. This line allows for full in-house formulation and production for our high-quality Superfoods. We are also pleased to announce that with our new equipment installations, Phase One of upgrading the manufacturing capacity to triple the current capacity is complete. Phase Two is well underway. Phase Two will allow the PHP facility to become GMP compliant and pave the way for an anticipated growth as the country evolves from this COVID-19 pandemic crisis. Phase Two will also encompass the planned vertical integration of PHP as we have just received our second batch of pure isolate from our very own hemp production, Green Grow Farms, which will sustain our production and sales for the months to come.
Financial Results for the Three Months Ended March 31, 2020:
Revenue for the three months ended March 31, 2020 was $569,707, an increase of $52,547, or roughly 10%, compared to $517,160 for the three months ended March 31, 2019. This increase was mainly attributable due to the growth of CBD products and durable equipment sales.
Gross profit for the three months ended March 31, 2020 was $448,158, an increase of $193,551, or roughly 76%, compared to $254,607 for the three months ended March 31, 2019. The resulting gross margin was 78.7% for the three months ended March 31, 2020, compared to 49.2% for the three months ended March 31, 2019. Absolute gross profit and gross margin increased due to the growth of product sales and outreach into additional market segments such as wholesale and private label opportunities.
Operating expenses for the three months ended March 31, 2020 were $1,560,151, an increase of $133,476, or roughly 9%, compared to $1,426,675 for the three months ended March 31, 2019. Of note, the revenue increase of 10% was greater than the operating expense increase of 9%, starting to demonstrate the scalability and operating leverage of the business. Operating expenses for the three months ended March 31, 2020, included non-cash expenses resulting from stock-based compensation for employees and consultants of $461,875 and amortization of intangible assets of $129,966, compared to $830,196 and $2,194 for the three months ended March 31, 2019.
Operating loss for the three months ended March 31, 2020 was $1,111,993, a decrease of $60,075, or roughly 5%, compared to $1,172,068 for the three months ended March 31, 2019.
Adjusted operating loss for the three months ended March 31, 2020, was $520,152, an increase of $180,474, or roughly 53%, compared to $339,678 for the three months ended March 31, 2019. Adjusted operating loss does not include non-cash stock-based compensation and amortization of intangible assets.
Net loss for the three months ended March 31, 2020 was $1,134,107, a decrease of $38,407, or roughly 3%, compared to $1,172,514 for the three months ended March 31, 2019. The resulting EPS loss for the three months ended March 31, 2020 was a ($0.33), as compared to an EPS loss of ($0.48) for the three months ended March 31, 2019.
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, Nu Wellness, Pure Leaf Oil and Duramed. Can B utilizes multi-channel distribution to reach consumers, including medical facilities, doctor offices, and online and direct retailers. Can B is also an exclusive partner of the LifeGuard™ Licensing 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 grower and cultivator 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
Twitter @CanBCorp[
Instagram @canbcorp
Facebook @ Can B Corp
Correct BG, CANB continues to look strong, about to break its 3 month high. Smart Money continues to Accumulate as this climb is only getting started :)
Correct, Excellent News Again for CANB! Accumulation Continues by Smart Money.
:
Can B Corp Advances Toward Full Vertical Integration with Hemp Processing Agreement
HICKSVILLE, NY, June 08, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Can B Corp. (OTCQB: CANB) (“Can B” or the “Company”), a diversified health and wellness company, is pleased to announce the signing of the Hemp Processing Use Agreement (“Agreement”) executed on May 28, 2020, between Green Grow Farms, Inc. (“Green Grow Farms”), a wholly-owned subsidiary of Can B, and Mediiusa Group, Inc. (“Mediiusa”).
“With the signing of this agreement, I am pleased to report Can B, through our Green Grow Farms division, will achieve full vertical integration,” said Marco Alfonsi, CEO.
Alfonsi continued, “Can B presently grows its own hemp through its Green Grow Farms Division and now, we can process that hemp under our exclusive agreement with Mediiusa’s utilizing their Hemp Processing Registration with the State of New York. That hemp biomass can be processed into isolate or distillate for use in Can B’s Pure Health Products R&D and manufacturing facility in Lacey WA, or for resale. Additionally Can B can process hemp grown by other cultivators for resale to other consumers and manufacturers. Our strategy of controlling the cultivation, processing, and manufacturing processes into our own multi-channel distribution network we believe truly makes us a “seed to sale” company.”
This Agreement will allow Green Grow Farms to process hemp under Mediiusa’s Hemp Registration with the State of New York for oil, isolate, or crude (“Hemp Product”) for further use or sale by Can B. The Hemp Product must be lawfully cultivated under applicable state and federal law and must have delta-9 tetrahydrocannabinol (THC) levels that do not exceed three-tenths of one percent (0.3%) on a dry weight basis. The term is a 5-year sublicense starting June 1, 2020, with an automatic extension for an additional 5 years.
“We are keeping up the momentum from our strong start in 2020 with the signing of this Agreement as we continue to bring our growth strategy to life,” concluded Alfonsi.
About Can B Corp.
Can B Corp. (OTCQB: CANB) is a health & wellness company providing among the highest grade and purity cannabidiol (CBD) products available 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. Can B 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, follow Can B 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
False, Accumulation Continues. Can’t fool Smart Money that easily.
Excellent dedication to CANB, understandability all investors want a piece at these low prices.
Best not to wait to long to get back in. Smart Money will continue to Accumulate at these levels.
Spot on BG, CANB also making all the right moves. Quarter after Quarter Record Earnings is only the Beginning:)
:
Can B Corp Announces First Quarter 2020 Results Increased Quarterly Revenue, Outpacing Expense Increases Demonstrating Scalability and Leverage of the Business Gross Margin of 79%
HICKSVILLE, NY, May 26, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Can B Corp. (OTCQB: CANB) (“Can B” or the “Company”), a diversified health and wellness company, announced today operating and financial results for the first quarter ended March 31, 2020.
“I am pleased to report that we are off to an exceptional start in 2020 and our business model is demonstrating its scalability and leverage. For the first time since our inception, our revenue growth has outpaced the increase in operating expenses. Combined with our 79% gross margin, we are operating at our most efficient rate ever. We expect continued growth of the business and our goal is no less than profitability,” stated Marco Alfonsi, Can B’s Chief Executive Officer.
Mr. Alfonsi continued, “On the corporate front, our name change to Can B Corp. better reflects our position as a Health & Wellness company providing the highest quality cannabidiol (CBD) products as well as traditional wellness products. On the capital markets side, our aggressive restructuring measures have greatly improved our visibility and capabilities to access more favorable sources of capital. Our outstanding share count is just over 3 million shares with a 1.4 million share public float which is attractive to potential investors. The additional capital would allow us to execute on our future growth strategies.”
Mr. Alfonsi concluded, “Our diversified product line has us well-positioned to continue to increase market penetration. We have a multi-channel distribution strategy for the LifeGuard™ line of products bolstered by an exclusive license agreement. We also have new products in development from our R&D group at Pure Health Products in Lacey, WA, and recently acquired Green Grow Farms, a licensed hemp grow and cultivation operation in New York. As we continue to follow through on our initiatives in 2020 it is our hope that our shareholders are equally excited to see our continued growth come to fruition.”
Makes sense Sleek, thanks for the Unbiased Research :)
Loading And Holding will continue.
Great explanation, totally agree!
Correct Sleek, Nice Consolidation going on. Mitch will get it Done, very soon.
:
CANB has been trading with the bellwethers in the CBD Oil sector over the past few weeks CVSI, CWBHF and CANB all rallied off their bottoms for about 2 weeks, and over the past few days have been consolidating http://schrts.co/eYzQpEXM http://schrts.co/SSFRIfsx http://schrts.co/GpvIGPeW The CBD Oil sector rally began shortly after the House passed the SAFE Banking Act in the latest Covid-19 Stimulus Bill on May 12th, which is indicative that the market considers that a very significant catalyst for the CBD sector The Senate should be taking up this Stimulus Bill in June I’m looking for Mitch to file a bill in the Senate within the next few weeks, legalizing CBD in Supplements/Foods/Beverages, opening up Hemp Banking and mandating the FDA to declare Enforcement Discretion for CBD Products He can then attach that Hemp and CBD Bill to the much larger Stimulus Bill Sleek
Correct, Repeated Excellent Quarterly Results is a Fact check for CANB. Continued Growth and Expansion will keep Interest Growing by All Parties....Period.
Smart Money will keep Accumulating Shares.
Yes Sir, A lot of Smart Money focused on CANB cheap shares, run is only beginning.
Yep, CANB definitely getting ready for its Next Leg Upwards, Smart Money Will Continue to Accumulate at these cheap levels:
CANB is the ONLY Pure CBD Oil Stock in America
FDA Enforcement Discretion— The Holy Grail for PURE CBD OIL INVESTORS ONLY
The absence of legal clarity around the CBD sector has acted to dampen investor excitement and hype around the still technically federally “illegal” CBD industry in America thus far in 2019
In the absence of FDA Regulations that would once and for all “legalize” CBD, the media and the average investor continue to view Hemp & CBD as if it were MJ & THC, fearful of a federal crackdown on an industry which was actually created by the U.S. Congress
This is Twilight Zone stuff
The agencies actually capable of any crackdown — the DOJ and the DEA — have already stepped aside because Congress legalized and removed Hemp and all of its cannabinoids from the Schedule of Controlled Substances
And Hemp Legalization happened because of Republicans, not Democrats, so the Republican-dominated FDA isn’t out to double cross their own political party
This was a 100% Mitch-engineered phenomenon, though it’s one that currently has near-unanimous support from both political parties and nearly every state in the union
The FDA isn’t a crackdown agency — they are a regulating agency — which is why CBD products of all formulations are currently found literally everywhere, even though the FDA has been stating since 2015 that they are all federally illegal
So why does there continue to be this fear around what the FDA is going to decide to do with the CBD industry?
Is it completely misguided and simply a manifestation of shell shock from the years of MJ-related setbacks due to federal government agencies putting up roadblocks every time it had appeared that MJ was about to take the next big step towards federal legality, as happened most famously with Jeff Sessions’ rescission of the Cole Memo?
I think the answer is that most of the fear surrounding the CBD industry is misguided
But NOT ALL of it
The sole element that can rationally engender fear and uncertainty in the CBD product industry concerns product formulation — which product formulation is the FDA going to federally “legalize” and allow to be sold nationally?
And on the other hand, which product formulations are going to remain federally illegal and be ineligible for national sales?
So let’s once again take a quick look at the range of CBD product formulations
Pure CBD products (CBD Isolate) = CBD only
Full Spectrum CBD products = THC + CBG/CBN/CBC + CBD
Broad Spectrum CBD products = CBG/CBN/CBC + CBD
CBD doesn’t possess any of the safety issues that come with THC — driving impairment, cognitive impairment, ER visits due to psychosis/paranoia/anxiety, effects on the developing brains of adolescents, etc.
So Pure CBD products don’t possess any of the potential safety issues that come with THC-containing Full Spectrum CBD products
The FDA views Pure CBD products as being generally safe for public consumption — Dr. Gottlieb has admitted that much at low doses and low concentrations with proper labeling and no health claims, if they are adhering to typical regulations that ensure safety such as GMPs and lab testing for impurities and contaminants — not having the scientific data to declare Pure CBD “GRAS” at this current point in time is a completely different issue — taking CBD in very high daily doses like Epidiolex (500-1500 mg) is not safe and is associated with side effects, but taking it in the more typical 10-50 mg daily dose is a completely different matter — the FDA may have failed to make the distinction between high dose and low dose, but dose is the driver of safety and side effects when we are talking about CBD, or any other molecule for that matter, and the FDA is extremely well-aware of this fact — for PR reasons, mainly the need to publicly defend the prescription pharmaceutical industry before they give the green light in 2020, along with the vaping crisis, where they let an industry go unregulated for many years and then got badly burned because of it, the FDA would never come out and say that a federally illegal product like CBD selling in a completely unregulated industry with zero manufacturing standards and no required lab testing like CBD, is safe
Let me repeat that because of its importance
The FDA views Pure CBD products as being generally safe for public consumption at low doses and low concentrations with proper labeling and no health claims, if they are adhering to typical regulations that ensure safety such as GMPs and lab testing for impurities and contaminants
However, the FDA views THC-containing Full Spectrum CBD products as being unsafe for public consumption
In terms of THC-Free Broad Spectrum products — CBG/CBN/CBC + CBD — all we have right now is a big question mark
The safety research on the other cannabinoids present in Hemp, like CBG/CBN/CBC, is practically non-existent
So nobody knows with any scientific certainty whether or not it’s safe to allow these cannabinoids in CBD products
Moreover, the pharmaceutical industry’s interest in researching CBG/CBN/CBC is growing rapidly — they do want to explore the possibility of creating prescription pharmaceuticals out of these cannabinoids — and the FDA wants to make their exception of allowing a cannabinoid, CBD, to be sold as both a pharmaceutical drug and an OTC product a one-time exception
So the FDA has 2 reasons to keep Broad Spectrum products off the market — no safety data and preserving incentives for pharmaceutical drug development
In summary, all signs point to the FDA only giving the green light to Pure CBD products
CBD products containing THC are at risk of the FDA condemning them to be sold only intrastate, just like THC-containing MJ products — though the former products are sold in all types of stores, whereas MJ products are strictly limited to dispensaries, so there will still remain a huge difference in the investability and market size of THC-containing Hemp-derived CBD products (better and larger) in comparison to THC-containing MJ products
CBD products containing CBG/CBN/CBC are also at risk of the FDA condemning them to be sold only intrastate as well
Now I’m not saying this will always be the case for Full Spectrum and Broad Spectrum CBD products
Future Congressional legislation explicitly legalizing all Hemp-derived products, including those containing THC and CBG/CBN/CBC can render the FDA’s viewpoint and thought process virtually irrelevant
But right now, as we all await the FDA’s interim regulatory framework and/or enforcement discretion strategy for the CBD industry, the only thing that matters is which specific formulation the FDA will render safe for public consumption, federal “legalization” and national sales
All of CANB’s CBD Oil products are made from Pure CBD
CANB remains the only Pure CBD Oil stock in America
Therefore, CANB is the only stock in America producing and selling a full lineup of CBD Oil products that can attain FDA approval for national sales
Sleek
The Climb Continues, Smart Money Loading CANB Gem Shares, A No Brainer. Quarter after Quarter Record Earnings $$$$$
:
strength is strong with this one.
Very strong.
1.4 million float.
NASDAQ coming.
Excellent, no wonder All Eyes following CANB 24/7 ;)
Looked at it as an opportunity to grab some more CANB shares, which I did :)
Extraordinary News out from CANB. Quarterly Earnings Increase Continues Quarter after Quarter, Expansion, Products, Etc, Etc. Loading and Holding continues by Smart Money.....Period.
:
Can B Corp Announces First Quarter 2020 Results Increased Quarterly Revenue, Outpacing Expense Increases Demonstrating Scalability and Leverage of the Business Gross Margin of 79%
HICKSVILLE, NY, May 26, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Can B Corp. (OTCQB: CANB) (“Can B” or the “Company”), a diversified health and wellness company, announced today operating and financial results for the first quarter ended March 31, 2020.
“I am pleased to report that we are off to an exceptional start in 2020 and our business model is demonstrating its scalability and leverage. For the first time since our inception, our revenue growth has outpaced the increase in operating expenses. Combined with our 79% gross margin, we are operating at our most efficient rate ever. We expect continued growth of the business and our goal is no less than profitability,” stated Marco Alfonsi, Can B’s Chief Executive Officer.
Mr. Alfonsi continued, “On the corporate front, our name change to Can B Corp. better reflects our position as a Health & Wellness company providing the highest quality cannabidiol (CBD) products as well as traditional wellness products. On the capital markets side, our aggressive restructuring measures have greatly improved our visibility and capabilities to access more favorable sources of capital. Our outstanding share count is just over 3 million shares with a 1.4 million share public float which is attractive to potential investors. The additional capital would allow us to execute on our future growth strategies.”
Mr. Alfonsi concluded, “Our diversified product line has us well-positioned to continue to increase market penetration. We have a multi-channel distribution strategy for the LifeGuard™ line of products bolstered by an exclusive license agreement. We also have new products in development from our R&D group at Pure Health Products in Lacey, WA, and recently acquired Green Grow Farms, a licensed hemp grow and cultivation operation in New York. As we continue to follow through on our initiatives in 2020 it is our hope that our shareholders are equally excited to see our continued growth come to fruition.”
Key Business Highlights for Q1 2020:
Changed corporate name to Can B Corp.
Restructured share structure to reflect 3 million I/O & 1.4 million Float
Signed Exclusive License Agreement with LifeGuard Brands for topicals
Shipped a major white label CBD program with a multi-unit retail chain
Closed 100% Green Grow Farms acquisition
Key Financial Highlights for Q1 2020:
Revenues increased by about 10% to $569,707
Gross margin of nearly 79%
Operating loss decreased by about 5% to $1,111,993, and included $591,841 in non-cash stock-based compensation and amortization of intangibles
Adjusted operating loss of $520,152
Business Updates:
LifeGuard
In January, Can B signed an exclusive License Agreement with Lifeguard Licensing Corp. for the use of the well-known LifeGuard brand name and logo for a host of skincare and wellness products that will include CBD and non-CBD formulations. This includes topicals, beverages, and ingestible products as well as a full line of sunscreens, lip balms, replenish supplements, and lifestyle water. We have completed the 3D Design of the unique packaging of our “Skin Preserver” Sun Block line, as well as our Lip Balm line. The products are planned to launch in a value-add package with the unique and identifiable LifeGuard rescue buoy with lanyard rope. The Company is now moving forward to molds and manufacturing, and, with a soon to be contracted manufacturer, we will be moving quickly for the production of our initial SPF30 and SPF50 lines, as well an after-sun moisturizer. We’re currently working to finalize a manufacturer for our lip balm and lifestyle water line. Initial product renderings may be viewed at www.shoplifeguard.com. At this point due to the uncertainty of beach openings and permissible outdoor gatherings, we are targeting a limited launch in Florida and other southern states, and will have nationwide availability online. This is planned to be followed by a national retail launch in 2021.
Green Grow Farms
In December 2019, the Company closed the previously announced agreement for an all-stock transaction to acquire 51 % of Green Grow Farms Inc. and acquired 100% in March. Green Grow Farms Inc is licensed by New York State to grow hemp under the Hemp Research Pilot Program; it grows industrial hemp for grain, flower, and CBD. Green Grow Farms has successfully grown and harvested 6 acres on two farms in Calverton, NY this year, yielding in excess of 12,000 pounds of dried biomass. The current New York inventory consists of Suver Haze and Sweetened varieties with CBD content ranging from 13% to 16%.
Superfood
Pure Health Products LLC (“PHP”), a wholly-owned subsidiary of Can B Corp located in Lacey, Washington, is an innovator in the formulation and manufacturing of hemp-derived CBD products containing no or only trace amounts of THC. PHP’s formulation and manufacturing directly serve our full line of products including tinctures, salves, and gels, as well as a private label service for independent consumer brands. The Company is pleased to announce it has experienced limited interruption during this challenging COVID-19 pandemic. Although several Company customers have experienced business shutdowns during the last few weeks, we are pleased to announce many have resumed business via online ordering and/or initiating new direct shipment orders. Additionally, the Company has recently installed new state-of-the-art, high-speed, automatic bottling and capping equipment and new bulk processing equipment for the production of the Can B Superfood line, which is now available at www.CanBSuperFood.com. This line allows for full in-house formulation and production for our high-quality Superfoods. We are also pleased to announce that with our new equipment installations, Phase One of upgrading the manufacturing capacity to triple the current capacity is complete. Phase Two is well underway. Phase Two will allow the PHP facility to become GMP compliant and pave the way for an anticipated growth as the country evolves from this COVID-19 pandemic crisis. Phase Two will also encompass the planned vertical integration of PHP as we have just received our second batch of pure isolate from our very own hemp production, Green Grow Farms, which will sustain our production and sales for the months to come.
Financial Results for the Three Months Ended March 31, 2020:
Revenue for the three months ended March 31, 2020 was $569,707, an increase of $52,547, or roughly 10%, compared to $517,160 for the three months ended March 31, 2019. This increase was mainly attributable due to the growth of CBD products and durable equipment sales.
Gross profit for the three months ended March 31, 2020 was $448,158, an increase of $193,551, or roughly 76%, compared to $254,607 for the three months ended March 31, 2019. The resulting gross margin was 78.7% for the three months ended March 31, 2020, compared to 49.2% for the three months ended March 31, 2019. Absolute gross profit and gross margin increased due to the growth of product sales and outreach into additional market segments such as wholesale and private label opportunities.
Operating expenses for the three months ended March 31, 2020 were $1,560,151, an increase of $133,476, or roughly 9%, compared to $1,426,675 for the three months ended March 31, 2019. Of note, the revenue increase of 10% was greater than the operating expense increase of 9%, starting to demonstrate the scalability and operating leverage of the business. Operating expenses for the three months ended March 31, 2020, included non-cash expenses resulting from stock-based compensation for employees and consultants of $461,875 and amortization of intangible assets of $129,966, compared to $830,196 and $2,194 for the three months ended March 31, 2019.
Operating loss for the three months ended March 31, 2020 was $1,111,993, a decrease of $60,075, or roughly 5%, compared to $1,172,068 for the three months ended March 31, 2019.
Adjusted operating loss for the three months ended March 31, 2020, was $520,152, an increase of $180,474, or roughly 53%, compared to $339,678 for the three months ended March 31, 2019. Adjusted operating loss does not include non-cash stock-based compensation and amortization of intangible assets.
Net loss for the three months ended March 31, 2020 was $1,134,107, a decrease of $38,407, or roughly 3%, compared to $1,172,514 for the three months ended March 31, 2019. The resulting EPS loss for the three months ended March 31, 2020 was a ($0.33), as compared to an EPS loss of ($0.48) for the three months ended March 31, 2019.
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, Nu Wellness, Pure Leaf Oil and Duramed. Can B utilizes multi-channel distribution to reach consumers, including medical facilities, doctor offices, and online and direct retailers. Can B is also an exclusive partner of the LifeGuard™ Licensing 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 grower and cultivator 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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