Can B Corp (CANB)

[skyhawk66]

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
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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.”