Business
Can B Corp. Reports Growth of 51% to $2.9 Million Revenue for Third Quarter 2022, the Highest Quarterly Revenue in Company History
Led by a Significant Increase in Duramed, Music City Botanical and Botanical Biotech Brands&#...
About this update from Purecore Metals Inc.
[{"type":"text","content":"Can B Corp. Reports Growth of 51% to $2.9 Million Revenue for Third Quarter 2022, the Highest Quarterly Revenue in Company HistoryLed by a Significant Increase in Duramed, Music City Botanical and Botanical Biotech Brands  Adjusted EBITDA Loss Decreased by 25% to $1.5 Million Hicksville, NY - (NewMediaWire) - November 22, 2022 - Can B Corp. (OTCQB: CANB) (“Can B” or the “Company”), a health and wellness company specializing in developing, producing, and selling hemp-derived cannabinoid products, today announced the Company's financial results for the third quarter and nine months ended September 30, 2022.Key Financial Highlights for Q3 2022●      Revenue increased 51% to $2.9 million●      Gross profit increased 36% to $1.9 million●      Gross margin decreased to 64.3%●      Adjusted EBITDA loss decreased by 25% to $1.5 million●      Accounts receivable at $7.0 million●      Inventory at $2.3 million●      Total assets at $16.7 million●      Total stockholders’ equity at $4.5 millionKey Financial Highlights for 9 Months Ended September 30, 2022●      Revenue increased 130% to $6.0 million●      Gross profit increased 59% to $2.8 million●      Gross margin decreased to 46.0%●      Adjusted EBITDA loss decreased by 15% to $4.5 millionKey Business Highlights for Q3 2022●      Signed Manufacturing and Distribution Agreement for Superfood Products with Forever Brands and Brooke Burke via BB Body, Inc.●      Consolidated Hemp Division Operations in ColoradoManagement CommentaryMarco Alfonsi, Can B’s Chief Executive Officer, stated, “We are thrilled with our tremendous quarterly results, having achieved the highest quarterly revenue in our company history. We generated $2.9 million in quarterly revenue while reducing our cash burn as demonstrated by the 25% de...