First Location in Wynwood Section of Miami, Florida Targeted to Open in 2nd Quarter 2022
HICKSVILLE, NY / ACCESSWIRE / March 8, 2022 / Can B Corp. (OTCQB:CANB) ("Can B" or the "Company"), a health and wellness company specializing in developing, producing, and selling hemp-derived (non THC) cannabinoid products, is pleased to announce it has executed a definitive agreement with American Development Partners® ("ADP") for the financing and development of CBD Lounges featuring its health and wellness products in a social setting.
In following the format of the original "Lab2" created by Can B Corp in Miami, FL, ADP will finance and develop up to 100 similarly-formatted CBD Lounges, with the first 50 committed to by Can B with an option to develop 50 more, to be operated by the Company or its affiliates and Licensees. Each CBD Lounge is budgeted to have development cost of approximately $4 million, for a total initial commitment from American Development Partners of approximately $200 million and an option for an additional $200 million. The agreement stipulates that ADP will be the exclusive developer of the CBD Lounges during the 10-year term of the agreement. ADP will receive a development fee of 10% of the total development cost for each CBD Lounge. Can B will enter into a 20-year lease for each CBD Lounge developed by ADP. This agreement is non-dilutive to CANB shareholders.
ADP was founded in 1995 and its team almost 600 collective years of experience having deployed over $1 billion REIT and additional private equity. ADP specializes in capital, site selection, design, architecture and engineering, construction and sale-leaseback programs. For a list of ADP clients, please visit https://www.americandevelopmentpartners.com/clients.
Marco Alfonsi, Can B's Chief Executive Officer, stated, "We are very excited for this expansion opportunity, with our first location expected to open in the tourist popular Wynwood section of Miami, Florida in April. Our CBD Lounges will encompass food, drink, and entertainment and highlight our health and wellness CBD products. With ADP, we have a well-recognized and experienced partner sharing our vision to build out our CBD Lounges. We have a plan to roll out a number of locations over the next few years and believe it will be a large contributor of revenue to our company without dilution to our shareholders."
Peter Cantel Director of Communication of American Development Partners, commented, "Our team is always looking to work with exciting growth opportunities, especially with new or emerging concepts. We view Can B's CBD Lounges as just that and are thrilled to partner with Can B to help them build out their vision. The CBD Lounge is a great strategy to highlight their health and wellness products in a relaxed social environment giving consumers the chance to educate and enjoy themselves. We've done a lot of buildouts in healthcare and food hospitality, with clients such as American Family Care, Church's Chicken, and Taco Johns, and are excited to add Can B to our roster of clients."
About American Development Partners
Based in Nashville, TN, American Development Partners® (ADP) is a full-service developer of free-standing, single-tenant commercial real estate across all 50 states. Our turnkey solution allows industry-proven multi-unit operators to grow their business without the upfront investment of their own capital by providing them with site selection, general contractor, private equity, design, architectural, and engineering services. With this unique approach, our operating partners can truly focus on running the very best organization possible and developing their organizational infrastructure. Our model is unique; we work with multi-unit operators looking to expand into new markets or develop large territories in a rapid manner. We are focused on developing the best franchise and privately-owned concepts on the market.
For more information on American Development Partners, please visit: https://www.americandevelopmentpartners.com
About Can B Corp.
Can B Corp. (OTCQB:CANB) is a health & wellness company providing the highest quality hemp-derived cannabinoid products, including under its own 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 Corp. operate R&D and production facilities in Lacey, WA, and Florida. To learn more about Can B Corp. and our comprehensive line of high-quality products, please visit:Canbiola.com and www.CanBCorp.com, follow Can B Corp 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
Forward-Looking Statements
Forward-looking statements and risks and uncertainties discussed in this release 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. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of the latest information, future events, or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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SOURCE: Can B Corp.