What is going on with CANB?
Can B Corp. (CANB) announced today plans to fulfill a new hemp processing agreement after securing hemp biomass and winterized crude to create over 13,000 Liters 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 and will be used as 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.
Can B Corp. is a health and wellness company producing hemp derived cannabinoid products and beverages. Shares of CANB increased 1.47% to $0.69 as of Wednesday at 12:02pm.
What does this mean for Can B Corp?
Can B's hemp processing agreement is significant as derived isomers are increasing rapidly in popularity due to their role in creating CBN, CBC, and Delta 8 strains. 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.
Marco Alfonsi, Can B's CEO, 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."
This entire process cycle is expected to take 5-6 months to monetize the revenue.
CANB has a Long-Term Technical Rank of 70. Find out what this means to you and get the rest of the rankings on CANB!
Canbiola Inc is a US-based company which is engaged in the sale of Cannabidiol (Hemp) based products such as oils, creams, moisturizers, chews, vapes, isolate, gel caps, concentrate, and water. The company focuses on developing a line of proprietary products in the Hemp Industry.
