Strong Gross Margins Of Almost 77% Help Drive Can B Corp.'s (OTCQB: CANB) Marco Alfonsi's, CEO, Optimism About The Company's Financial Performance As Hemp-Derived CBD Products Soar
One of the reasons that Marco Alfonsi, CEO, is so optimistic about the future financial performance of Can B Corp. (OTCQB: CANB) are the strong gross margins of almost 77% the CBD company has achieved. In a report by site Bloomberg on CAN B Corp.'s (OTCQB: CANB) Q2 2020 financial results, the company reported in the three month period ended June 30, 2020 that its gross profits rose 24% to 77% in 2020 from 53% in the comparable period in 2019.
The CBD market has drawn intense interest from media companies. stockmarketpress.com features specialized coverage of related stocks such as Can B Corp. (OTCQB: CANB), Aurora Cannabis Inc. (NYSE:ACB) (TSX: ACB), Cronos Group (NASDAQ: CRON), Canopy Growth Corp. (NYSE: CGC), Charlotte's Web (CSE: CWEB), INSYS Therapeutics, Inc. (NASDAQ: INSY), cbdMD (NYSE: YCBD), Joy Organics (NASDAQ: JOYG),, GW Pharmaceuticals (NASDAQ: GWPH) and Supreme Cannabis Co. (OTC: SPRWF).
Strong Gross Margins Of Almost 77% Help Drive Can B Corp.'s (OTCQB: CANB) Marco Alfonsi, CEO, Optimism About The Company's Financial Performance As Hemp-Derived CBD Products Soar
Marco Alfonsi, CEO of Can B Corp. (OTCQB: CANB), said, "We remain enthusiastic about our business prospects and returning to growth mode. Given our strong gross margins of almost 77%, we feel confident in being able to return to the position we were earlier in 2020 when our revenue growth outpaced in growth in expenses, as we achieved operating efficiencies."
In addition to the growth in gross profit or margins to 77% in its most recent quarterly report, Can B Corp. (OTCQB: CANB) documented its successful effort to cut expenses: cut by 52% all consulting costs by $220,721; reimbursable expenses dropped by $14,800 or 43% compared to the same period the prior year; a 19% drop in other operating expenses of $46,774. The result was a 17% drop in net loss by $249,066.
Gross Margins Rise To 76.6%
The impact of COVID-19 contributed to the company's 68% decline in revenue for the 2020 period, the company said. However, due to the cost cuts, Can B Corp. (OTCQB: CANB) was able to achieve a gross margin of 76.6% compared to 52.8% in the comparable period in 2019. Detailed in the Q2 2020 financial results reported by Bloomberg was the company's 17% reduction of its net loss by $249,066. Strong Gross Margins Of Almost 77% Help Drive Can B Corp.'s (OTCQB: CANB) Marco Alfonsi's, CEO, Optimism About The Company's Financial Performance As Hemp-Derived CBD Products Soar.
A Projection Of $30 Billion By 2023 For CBD Industry
Can B Corp. (OTCQB: CANB) is active in a CBD industry seen as hitting $30 billion at retail by 2023, according to a projection by Marijuana Business Daily. The diverse marketing strategy and multi-channel branding for the health and wellness emerging growth company. At Can B Corp. (OTCQB: CANB), a broad assortment of hemp-derived CBD lines have optimistic futures because of the company's diverse marketing strategies: proprietary licensed brands, white labels, private labels through third parties and distribution through various channels such as retail, professional (physician), direct sales through its website and sales through subsidiaries. This health and wellness firm is an emerging growth company.
A Health And Wellness Emerging Growth Company
Can B Corp. (OTCQB: CANB) offers an extensive line of drops/tinctures, oils, creams, moisturizers, chews, isolate, gel caps, concentrates and more. Its diverse proprietary product lines are available under license, private label and branded labels. This health and wellness emerging growth company offers lines of hemp derived CBD, CBD and non-CBD under license for the Lifeguard(R) lifestyle brand, Canbiola branded through physicians, products through white label and private label plus other subsidiaries. Strong Gross Margins Of Almost 77% Help Drive Can B Corp.'s (OTCQB: CANB) Marco Alfonsi's, CEO, Optimism About The Company's Financial Performance As Hemp-Derived CBD Products Soar.
Can B Corp. (OTCQB: CANB) Offers An Extensive Line Of CBD Products
Can B Corp. (OTCQB: CANB) is a health and wellness company providing CBD products under the brands Canbiola, Seven Chakras, NuWellness, Pure Leaf Oil and Duramed. It markets to multi-channels including medical offices, doctor's offices, retailers, online and direct. Strong Gross Margins Of Almost 77% Help Drive Can B Corp.'s (OTCQB: CANB) Marco Alfonsi, CEO, Optimism About The Company's Financial Performance As Hemp-Derived CBD Products Soar.
Source: Stock Market Press
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