Can B Corp Announces Third Quarter 2020 Results

Efficiencies and Lower Expenses Lead to a Significant Reduction in Operating Loss

HICKSVILLE, NY, Nov. 18, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Can B Corp. (OTCQB: CANB) (“Can B” or the “Company”), a diversified health and wellness company, announced today operating and financial results for the third quarter ended September 30, 2020.

Management Commentary:

Marco Alfonsi, Can B’s Chief Executive Officer, commented, “Our focused efforts on reducing costs has led to a significant reduction in operating losses. Additionally, when backing out non-cash expenses, our adjusted operating loss decreased by 37% to just over $200,000 for the quarter, largely attributable to the lay-offs due to COVID-19 circumstances.   

Mr. Alfonsi continued, “With that said, our team is driven to execute on our strong pipeline and evolve opportunities into sales and return to revenue growth. We are well-positioned with a diversified product line up, exclusive license to use LifeGuard on various products, multi-channel distribution strategy, our R&D and production facility in Lacey, WA, and our Green Grow Farms, a licensed hemp grow and cultivation in New York. We look forward to a return to more normalcy and expect to return to growth mode in 2021.”

Pure Leaf Oil Brand Products Available at United Grocery Outlet

The initial product offerings are 3 oz. Roll-On CBD products and the first order has been delivered and sold out in several stores. Pure Leaf Oil, a product of Pure Health Products, LLC, is fulfilling reorders currently. Our team has been working to develop our white label business offerings and this is another step in growing this segment. In business since 1974, United Grocery Outlets are a highly reputable closeout grocery merchant buying and selling most products sold in supermarkets. From its distribution center in Athens, Tennessee, it operates retail outlets in Tennessee, Georgia, North Carolina, Kentucky, Virginia, and Alabama. The company currently operates 38 stores in 6 States and www.myugo.com.

Financial Highlights for the Three Months Ended September 30, 2020, vs. 2019:

·         Gross Profit Increased from 77% in 2019 to 85% in 2020      an 8% Increase

·         Operating Expenses Decreased $247,085                             an 18% Decrease