$CANB Can B Corp. Closes Acquisition of Assets from Music City Botanicals to Strengthen its Vertical Processing Capabilities
https://www.accesswire.com/660452/can-b-corp-...pabilities
HICKSVILLE, NY / ACCESSWIRE / August 19, 2021 / Can B Corp. (OTCQB:CANB) ('CAN B' or the 'Company'
, a 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, scientist, 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.
https://www.accesswire.com/660452/can-b-corp-...pabilities
HICKSVILLE, NY / ACCESSWIRE / August 19, 2021 / Can B Corp. (OTCQB:CANB) ('CAN B' or the 'Company'
, a 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, scientist, 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.
