UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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ITEM 8.01. OTHER EVENTS.
Can B Corp. (the “Company”) announced today that through its 67% owned subsidiary, Nascent Pharma, LLC (“Nascent”), it has acquired composition of matter and use patents (US 9,730,911 B2 granted August 15, 2017 and US 10,555,928 B2 granted February 11, 2020) covering liquid formulations of cannabis, including, among other things, beverages, tinctures, vape pen liquids and liquid filled capsules. Patented uses include using the liquid formulations to manage numerous debilitating conditions, including cancer, irritable bowel syndrome, chronic pain, post traumatic stress disorder, anxiety, sleep disorders and opioid dependencies. Through Nascent, the Company plans to pursue opportunities to license and develop uses for the patents.
An independent valuation firm valued the patents at $122,000,000 in 2020, after taking into account the present value of projected income streams, applying a 90% discount and assuming a revenue stream through August 2034. No assurance can be given that the patents will ultimately provide a revenue stream to the Company or that value of the patents will equal the value determined by the independent valuation firm.
In connection with the assignment of the patents to Nascent, Nascent has agreed to distribute to creditors of a prior owner of the patents five percent (5%) of the Company’s share of Nascent’s revenues, less a reserve for Nascent’s operating expenses and amounts repaid to Nascent investors, until the creditors have received aggregate payments of $10,000,000.
The Company has entered into a consulting agreement with the inventor who assigned the patents to Nascent which provides that the consultant will be entitled to fifty percent (50%) of distributions received by Company from Nascent.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 6, 2024
Can B Corp. | ||
By: | /s/ Marco Alfonsi | |
Name: | Marco Alfonsi | |
Title: | CEO |
Cover |
Feb. 20, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Feb. 20, 2024 |
Entity File Number | 000-55753 |
Entity Registrant Name | CAN B CORP. |
Entity Central Index Key | 0001509957 |
Entity Tax Identification Number | 20-3624118 |
Entity Incorporation, State or Country Code | FL |
Entity Address, Address Line One | 960 South Broadway |
Entity Address, Address Line Two | Suite 120 |
Entity Address, City or Town | Hicksville |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 11801 |
City Area Code | (516) |
Local Phone Number | 595-9544 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Entity Information, Former Legal or Registered Name | Not Applicable |
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