Newly acquired Colorado facilities will process isolate for Can B Products
HICKSVILLE, NY / ACCESSWIRE / September 15, 2021 / Can B Corp. (OTCQB:CANB) (“Can B” or the “Company”), a diversified health and wellness company, announced today plans to fulfill a new hemp processing agreements after securing hemp biomass and winterized crude to create over 13,000 Liters (1 Liter = 1.05 Quarts) of isomers, including Delta-8, with a potential wholesale value exceeding $10 million at today’s market price. The biomass Can-B has secured is harvested hemp that is the core ingredient to make hemp isolate which is the CBD component of Can B’s CBD tinctures, salves, gels, as well as its line of isomers such as Delta-8.
Hemp derived isomers are increasing rapidly in popularity as more hemp companies realize hemp-derived CBD can be used to create isomers such as CBN, CBC, and Delta 8. Can B believes it is on the cutting edge of Delta 8 production and it has the capacity to complete an increasing number of wholesale orders, as well as providing Delta 8 for its own retail products. Can B’s newly acquired facilities in Colorado will receive harvested hemp biomass and convert it to winterized crude. These same facilities will then process it to distillate, then to isolate which will be shipped to Company-owned facilities in Florida and Tennessee to produce Delta-8 or other isomers, or to its manufacturing facility in Lacey WA for its line of CBD tinctures, salves, gels, and drops. This entire process cycle is expected to take 5-6 months to monetize the revenue.
Marco Alfonsi, Can B’s Chief Executive Officer, commented, “This is a major milestone for our Company as we have completed our previously announced hemp isomer pipeline fulfillment. It’s an extremely attractive deal for us, especially from a cash flow perspective, as we were able to acquire the biomass in a restricted stock transaction valued at a $0.50 per pound basis. We then have a revenue split with the seller that will be calculated based on 70% of the post-processed value to the seller. At today’s market price, one million pounds of hemp biomass, that when full processed into Delta 8 isomer has a wholesale value of approximately $10 million.”
At start-up production levels, the existing Company owned Colorado operation is targeting an annual throughput of 2.0 million pounds of biomass processed into hemp isolate.
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. operate 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
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 new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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SOURCE: Can B Corp.
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