HICKSVILLE, NY -- August 19, 2021 --
InvestorsHub NewsWire -- Can B Corp. (OTCQB: CANB) ("CAN B" or the "Company"),
diversified health and wellness company specializing in the
development, production, and sale of products containing
hemp-derived cannabinoids, is pleased to announce its acquisition
of assets, including equipment, inventory, and intellectual
property, from Music City Botanicals LLC ("MCB"), based in
McMinville, Tennessee. The lab and equipment will be used for
isomer (Delta-8- CBD- CBG) operations. The assets have been placed
in CANB's newest wholly-owned subsidiary TN Botanicals, LLC and
expects to begin operations immediately.
This acquisition, along with the previously
announced TWS Pharma acquisition, will make CAN B a contender to
become among the leading producers of hemp-based cannabinoid
products in America. The addition of Music City Botanicals' assets
adds additional volume in extraction, isomer lab production, and
R&D into the evolving isomer market with such products a
Delta-10, CBG, CBN, and CBDA. New retail products will include
pharmaceutical-grade CBD and related manufactured goods. In-house
labeling and packaging now available to the Company will create a
chain of custody and compliance process that is uncommon in the
industry.
With this acquisition, TN Botanicals is now a
complete producer of high-quality CBD products using in-house
extraction, distillation, isolate production, and final product
fulfillment to complete a vertical chain of custody in all its
products. The former MCB executive staff has over one hundred years
of combined hemp processing experience in a world-class team of
operators, scientists, and salespeople, many of which CAN B intends
to engage. Products are manufactured under Good Management
Practices, ISO 9000 compliance, and FDA inspected practices
inspected. All products are tested by primary and independent
third-party labs.
The transaction is valued at well over a million
dollars for processing and extraction assets encompassing
equipment, inventory, and intellectual property, including all of
MCB's product offerings and trademarks. The Company also intends to
lease MCB's current facility in McMinville, Tennessee, and hire its
seasoned and professional employees to produce and sell products
under the TN Botanicals LLC division of CANB. The lab is twice the
size of CAN B's Miami operation and has the capacity to produce six
hundred liters of quality Delta 8 and other isomers per week.
Marco Alfonsi, Can B's Chief Executive Officer,
commented, "This acquisition brings us additional complementary
assets that enable us to control our supply chain from biomass
through end products for both retail and wholesale customers. Our
previously announced acquisition of TWS Pharma assets will feed
this isomer operation and provide us cost synergies and scale. 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."
As part of the asset acquisition, CAN B retains
all of the intellectual property including the branding name and
retail product lines of MCB. Additionally, CAN B is acquiring a
talent pool of seasoned professionals with strong national sales
experience in isomer products. The pharmaceutical space will be an
important part of the unique formulations that are available within
the experienced laboratory staff. The resolute and knowledgeable
employee base covers operations in Miami, Tennessee, Colorado, New
York, and Washington.
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
Forward-Looking Statements
Forward-looking statements and risks and
uncertainties discussed in this release contain forward-looking
statements. The words "anticipate," "believe," "estimate," "may,"
"intend," "expect," and similar expressions identify such
forward-looking statements. Expected, actual results, performance,
or achievements could differ materially from those contemplated,
expressed, or implied by the forward-looking statements contained
herein. Forward-looking statements are subject to a number of risks
and uncertainties, including but not limited to, risks and
uncertainties associated with, among other things, the impact of
economic, competitive, and other factors affecting our operations,
markets, products, and performance. The matters discussed herein
should not be construed in any way, shape or manner of our future
financial condition or stock price. Except as required by law, we
undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of added
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
Investors and Media:
IR@canbiola.com
(917) 658-7878
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