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Can B Corp. (CANB, CANBD) announced plans to open its first CBD Lounge in Wynwood, Miami, by April 2022. The company signed a definitive agreement with American Development Partners (ADP) to finance and develop up to 100 lounges, with an initial commitment for 50 lounges at approximately $4 million each, totaling $200 million. The non-dilutive agreement allows Can B to enter 20-year leases for each location. The lounges aim to promote health and wellness products in a social environment, potentially generating significant revenue without diluting shareholder value.
Can B Corp. (OTCQB: CANB) has partnered with American Development Partners (ADP) to finance and develop CBD Lounges. The first location is set to open in Wynwood, Miami, by April 2022. Each lounge will cost approximately $4 million to develop, with an initial commitment of $200 million from ADP for up to 100 venues. The partnership aims to enhance Can B's revenue potential in a non-dilutive manner for shareholders, with ADP acting as the exclusive developer for a 10-year term.
Can B Corp. has formed a joint venture with PrimeX to distribute its CBD products in Brazil, the world's fourth-largest pharmaceutical market, with access to 210 million consumers. PrimeX collaborates with Biocase Brasil for local production and distribution. The venture capitalizes on Brazil's approval for CBD sales in pharmacies, with the sector projected to reach $4.7 billion in sales in three years. This expansion significantly enhances Can B's market presence and supports forthcoming legislation promoting medical cannabis in Brazil.