Can B Corp (CANB)

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$CANB Closes $2.8 Million New Financing
Press Release | 12/17/2020
Eliminates All Prior Existing Convertible Debt and Provides Growth Capital

HICKSVILLE, NY, Dec. 17, 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 closing of a $2.8 million debt financing from an institutional investor.

The investment enables Can B to pay off and eliminate all prior outstanding convertible notes without penalty. In addition, the new investment, along with an ongoing Reg A offering, should provide the capital needed to return to growth in 2021. Please see the Company’s recently filed 8K https://tinyurl.com/ycw5muor for complete details of the new debt financing.

As Can B closes the year of the COVID and starts fresh in 2021 with a feeling of optimism with all of the company’s operating divisions trending upward. The Company’s actions over the last year have led to development of a vertically integrated platform for controlling its products from seed to sale with a multi-prong channel strategy in bringing health and wellness to consumers. Pure Health Products is gearing up for an intended GMP certification in the first quarter of 2021, a path Company believes, that every CBD manufacturer will be required to meet in the future. Pure Health Products is also securing additional new white label customers as well as adding to its own branded line of products. Additionally, Duramed has expanded its no-fault insurance products and service availability to the state of Michigan and has added with new medical devices to its portfolio.

Marco Alfonsi, Can B’s Chief Executive Officer, commented, “This transaction marks a significant milestone for the Company as we were able to pay off and eliminate all prior existing convertible notes to avoid default and in addition to have the capital needed to return to growth in 2021. We look forward to continuing to build value for all of our shareholders.”