HICKSVILLE, NY, June 08, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE – Can B Corp. (OTCQB: CANB) (“Can B” or the “Company”), a diversified health and wellness company, is pleased to announce the signing of the Hemp Processing Use Agreement (“Agreement”) executed on May 28, 2020, between Green Grow Farms, Inc. (“Green Grow Farms”), a wholly-owned subsidiary of Can B, and Mediiusa Group, Inc. (“Mediiusa”).
“With the signing of this agreement, I am pleased to report Can B, through our Green Grow Farms division, will achieve full vertical integration,” said Marco Alfonsi, CEO.
Alfonsi continued, “Can B presently grows its own hemp through its Green Grow Farms Division and now, we can process that hemp under our exclusive agreement with Mediiusa’s utilizing their Hemp Processing Registration with the State of New York. That hemp biomass can be processed into isolate or distillate for use in Can B’s Pure Health Products R&D and manufacturing facility in Lacey WA, or for resale. Additionally Can B can process hemp grown by other cultivators for resale to other consumers and manufacturers. Our strategy of controlling the cultivation, processing, and manufacturing processes into our own multi-channel distribution network we believe truly makes us a “seed to sale” company.”
This Agreement will allow Green Grow Farms to process hemp under Mediiusa’s Hemp Registration with the State of New York for oil, isolate, or crude (“Hemp Product”) for further use or sale by Can B. The Hemp Product must be lawfully cultivated under applicable state and federal law and must have delta-9 tetrahydrocannabinol (THC) levels that do not exceed three-tenths of one percent (0.3%) on a dry weight basis. The term is a 5-year sublicense starting June 1, 2020, with an automatic extension for an additional 5 years.
“We are keeping up the momentum from our strong start in 2020 with the signing of this Agreement as we continue to bring our growth strategy to life,” concluded Alfonsi.
About Can B Corp.
Can B Corp. (OTCQB: CANB) is a health & wellness company providing among the highest grade and purity cannabidiol (CBD) products available under the 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 is also an exclusive partner of the LifeGuard® Brand in developing a line of consumer products. The Company is also launching Super Foods, a line of nutritional supplements. Can B Corp. owns and operates an R&D and production facility in Lacey, WA, and Green Grow Farms, a licensed hemp grow and cultivation in New York. To learn more about Can B Corp. and our comprehensive line of high-quality CBD products, please visit: Canbiola.com, follow Can B 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
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Forward-looking statements and risks and uncertainties discussed in this letter 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.
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