Reverse Stock Split to Meet Nasdaq Stock Price Threshold has Board and Majority Shareholder Support
HICKSVILLE, NY, Nov. 18, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Canbiola, Inc. (OTCQB: CANB) (“Canbiola” or the “Company”), a developer, manufacturer and seller of a variety of hemp-derived THC-Free Cannabidiol (CBD) Isolate products such as oils, drops/tinctures, creams, moisturizers, chews, and capsules, has filed a Pre14C information statement with the U.S. Securities and Exchange Commission that details a 1:300 reverse stock split that has been approved by majority shareholder action by written consent.
The Board and Executive management team strongly believe this share restructuring is in the best interest of all shareholders and the time is right, given the traction and momentum of the business. This action, along with the previously announced independent Board members, is hoped to satisfy two critical listing components for Nasdaq’s Capital Market.
Canbiola Chief Executive Officer, Marco Alfonsi, commented, “We expect this reverse split will allow our stock price to meet the minimum share price listing requirements for The Nasdaq Capital Market, which is critical to our potential uplist to Nasdaq. Our Board unanimously agreed that we are at a point in which a Nasdaq listing is within sight, which would greatly enhance our shareholder value and visibility.”
About Canbiola, Inc.
Canbiola, Inc. (OTCQB: CANB) is a vertically integrated conglomerate specializing in the manufacturing, formulation and sale of THC-Free Cannabidiol (CBD) Isolate products such as oils, drops/tinctures, gels, creams, moisturizers, chews, and capsules. All Canbiola products are organic and Non-GMO, free of impurities and contaminants, and formulated with the finest ingredients to the highest manufacturing standards. All products are certified for purity and accuracy by third-party laboratory verification.
Canbiola pursues an aggressive growth strategy through the continual development of proprietary products and the expansion of its offerings via strategic acquisitions in the healthcare and CBD industries.
Canbiola has created several innovative CBD product lines, marketed through targeted channels including:
The Canbiola clinical line, which is marketed and promoted through healthcare practitioners in the medical setting.
The Pure Leaf Oil (consumer brand) and Seven Chakras (spa brand) lines are sold through both online and brick & mortar retail outlets.
Canbiola’s state-of-the-art manufacturing facility in Lacey, WA is operated by Pure Health Products LLC (PHP), a wholly owned subsidiary that produces all of the Company’s CBD Isolate products, in addition to providing private label and white label solutions for companies looking to add high-quality CBD items to their offerings. Canbiola is passionate about improving people’s lives and we take pride in providing pure CBD products infused with organic and natural ingredients. We want customers to know that they are buying lab-tested, high-quality natural products at a great price.
Canbiola’s Radical Tactical LLC subsidiary produces CBD products in other forms including vapes and gums.
Duramed Inc. and DuramedNJ LLC, wholly owned subsidiaries of Canbiola, further the mission of providing innovative products designed to improve people’s lives, aiming to reduce their use of opioid substances through the utilization of durable medical devices. This product line includes a wearable low-intensity ultrasound SAM (Sustained Acoustic Medicine) device delivering multi-hour treatment intended to accelerate healing, improve function for musculoskeletal injuries (muscle, tendon, ligament) and reduce chronic pain (without opioid pain medication).
With the creation of its newest wholly owned subsidiary, NY Hemp Depot LLC, Canbiola has attained vertical integration, allowing it to fully control the supply chain from seed to sale, develop customized products and maximize profit margins. Through the utilization of its newly acquired NY State Hemp Cultivation License, the Company contracts with farmers throughout the state of NY to cultivate specific strains of hemp, which is then processed into CBD Isolate products to Canbiola’s exacting manufacturing standards and specifications at the Company’s laboratory and production facility.
Forward-Looking Statements
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. We undertake no obligation to update forward-looking statements should actual results differ.
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