Tuesday, March 08, 2022 11:25:52 AM
https://www.accesswire.com/692087/can-b-corp-and-american-development-partners--agree-to-finance-and-develop-cbd-lounges
First Location in Wynwood Section of Miami, Florida Targeted to Open in 2nd Quarter 2022
HICKSVILLE, NY / ACCESSWIRE / March 8, 2022 / Can B Corp. (OTCQB:CANB) ("Can B" or the "Company"), a health and wellness company specializing in developing, producing, and selling hemp-derived (non THC) cannabinoid products, is pleased to announce it has executed a definitive agreement with American Development Partners® ("ADP") for the financing and development of CBD Lounges featuring its health and wellness products in a social setting.
In following the format of the original "Lab2" created by Can B Corp in Miami, FL, ADP will finance and develop up to 100 similarly-formatted CBD Lounges, with the first 50 committed to by Can B with an option to develop 50 more, to be operated by the Company or its affiliates and Licensees. Each CBD Lounge is budgeted to have development cost of approximately $4 million, for a total initial commitment from American Development Partners of approximately $200 million and an option for an additional $200 million. The agreement stipulates that ADP will be the exclusive developer of the CBD Lounges during the 10-year term of the agreement. ADP will receive a development fee of 10% of the total development cost for each CBD Lounge. Can B will enter into a 20-year lease for each CBD Lounge developed by ADP. This agreement is non-dilutive to CANB shareholders.
ADP was founded in 1995 and its team almost 600 collective years of experience having deployed over $1 billion REIT and additional private equity. ADP specializes in capital, site selection, design, architecture and engineering, construction and sale-leaseback programs. For a list of ADP clients, please visit https://www.americandevelopmentpartners.com/clients.
Marco Alfonsi, Can B's Chief Executive Officer, stated, "We are very excited for this expansion opportunity, with our first location expected to open in the tourist popular Wynwood section of Miami, Florida in April. Our CBD Lounges will encompass food, drink, and entertainment and highlight our health and wellness CBD products. With ADP, we have a well-recognized and experienced partner sharing our vision to build out our CBD Lounges. We have a plan to roll out a number of locations over the next few years and believe it will be a large contributor of revenue to our company without dilution to our shareholders."
Peter Cantel Director of Communication of American Development Partners, commented, "Our team is always looking to work with exciting growth opportunities, especially with new or emerging concepts. We view Can B's CBD Lounges as just that and are thrilled to partner with Can B to help them build out their vision. The CBD Lounge is a great strategy to highlight their health and wellness products in a relaxed social environment giving consumers the chance to educate and enjoy themselves. We've done a lot of buildouts in healthcare and food hospitality, with clients such as American Family Care, Church's Chicken, and Taco Johns, and are excited to add Can B to our roster of clients."
Recent CANB News
- Form 8-K - Current report • Edgar (US Regulatory) • 06/18/2024 08:58:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/31/2024 05:29:17 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/20/2024 09:08:36 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/06/2024 08:54:44 PM
- Can B Corp. Secures Ownership and Control of Two Cannabis Patents Valued at $122 Million and Potentially in Excess of $750 Million • InvestorsHub NewsWire • 03/11/2024 12:34:14 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/06/2024 10:15:42 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/01/2024 10:02:41 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 09:38:08 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 04:52:26 PM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/08/2024 06:08:58 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/16/2024 12:52:36 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/26/2023 03:36:25 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/05/2023 10:15:27 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/20/2023 09:18:08 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 11/13/2023 02:44:53 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/03/2023 06:24:08 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/10/2023 08:57:21 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/21/2023 09:12:43 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 08/14/2023 08:41:28 PM
Maybacks Global Entertainment and ZEASN Technology Private Ltd. Sign Global Licensing Agreement • AHRO • Aug 8, 2024 7:00 AM
SANUWAVE Will Host a Conference Call on August 13, 2024 at 8:30 AM (ET) to Present Q2 Financial Results • SNWV • Aug 8, 2024 6:59 AM
Kona Gold Beverage Inc. Signs Letter of Intent with Bemax, Inc. to Sell Kona Gold, LLC • BMXC • Aug 7, 2024 10:00 AM
Btab Ecommerce Group, Inc. Launches Investor Connect AI Chatbot for Enhanced Investor Engagement and Lead Generation • BBTT • Aug 7, 2024 9:00 AM
Hydromer, Inc. Announces Preliminary Unaudited Second Quarter 2024 Financial Results and Provides Business Update • HYDI • Aug 7, 2024 8:52 AM
North Bay Resources Announces Mt. Vernon Gold Mine Startup, Sierra County, California • NBRI • Aug 5, 2024 9:00 AM