Investing.com
Published May 18, 2022 02:04AM ET
Updated May 18, 2022 06:36AM ET
Can B Corp. (OTCQB: CANB) today announced the Company's financial results for the first quarter ended March 31, 2022.
Key Financial Highlights for Q1 2022
Key Business Highlights for Q1 2022
Management Commentary
Marco Alfonsi, Can B’s Chief Executive Officer, stated, “We are extremely pleased with our tremendous quarterly results, having achieved the highest quarterly revenue in our company history. We generated the $1.9 million in quarterly revenue while reducing our cash burn as demonstrated by the decrease in adjusted EBITDA to $0.9 million. The strategic moves we have made over the past several months have completed our vertical processing capabilities and put us in great position to accelerate our revenue growth and strengthen our balance sheet. This quarter’s results prove our plans are working as our team continues its hard at work integrating and ramping up the various operations to continue this momentum into the future.”
Alfonsi concluded, “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. Our dramatic revenue improvements, coupled with our acquisitions and asset base increases, position us solidly to continue our application process for a NASDA up listing.”
Vertical Processing Capabilities
Secured 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. Can B's late 2021 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, Washington for its line of CBD tinctures, salves, gels, and drops. This processing is expected to take 5-6 months to produce 13,000 liters of Delta-8 and other isomers with potential revenue of $10 million.
Financial Results for the Three Months Ended March 31, 2022:
Of note, $2.3 million of the Company's operating expenses for the three months ended March 31, 2022, were non-cash expenses, including depreciation, amortization, and stock-based compensation, compared to $0.5 million for the same period last year.
Written By: Investing.com
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