EXDI - Panacea Life Acquired by Exactus Inc.
Hemp CBD company Exactus, Inc. (OTCQB:EXDI) acquired Panacea Life Sciences, Inc. , but the amount of the transaction was not disclosed. Panacea Life Sciences is a woman-owned and woman-led company, dedicated to developing and producing legal, hemp-derived cannabinoid products for consumers and pets. Beginning at PANA Organic Botanicals located at Needle Rock and throughout its 51,000 square foot, state-of-the-art, cGMP, extraction, manufacturing, testing and fulfillment center located in Golden, Colorado, Panacea operates in every segment of the CBD product value chain
“Our focus on quality and traceability are the hallmarks of Panacea’s seed to sale strategy. From our state-of-the art CO2 extraction, chromatography equipment and product manufacturing lines, we can produce as much product as we need to meet our sales goals for the foreseeable future.” said Leslie Buttorff, founder of Panacea. “We first entered the CBD arena with a world-class SAP-based ERP system developed for the Cannabis industry by Quintel Management which tracks the full chain of custody for every product, as well as provides all back office and production planning capabilities. We believe this sets us apart from the majority of hemp farms and CBD companies” added Ms. Buttorff who is also President and Chief Executive of the SAP management consulting firm she founded. “Seeing the utter chaos that permeates the emerging cannabis and hemp industry, accurate supply-chain accounting and reporting is crucial to our success. Unlike other companies, we set out to set the industry standard for compliance and reporting, which has been rewarded with our successful partnership and investment in joint technology with 22nd Century.”
Panacea was founded by Leslie Buttorff, in 2017 as a woman-owned business, which attracted $20 million in initial investments which were followed up with a $14 million in investment from 22nd Century Group, Inc. (XXII) during 2019, a leading plant biotechnology company focused on technology to decrease nicotine in tobacco plants also uses its expertise for genetic engineering of hemp and cannabis plants to modify cannabinoid levels used in manufacturing CBD, CBG and CBN. 22nd Century exchanged its Panacea preferred stock for a 11.6% stake in Exactus.
“Since the beginning of 2021, we have focused on restructuring and properly positioning the company to execute a strategic acquisition. We are thrilled to have met Leslie Buttorff and the Panacea team as they have developed a real gem of a CBD company.” said Larry Wert, Executive Chairman of Exactus. “Throughout this process, we have evaluated many companies, and Panacea has proven to be superior in all aspects. We are pleased to provide our loyal shareholders this opportunity to continue in the CBD arena. I would also like to thank Exactus’ founder and investor Harvey Kesner and Andrew Johnson, who provided invaluable insight and support throughout our difficult transition year and in connection with the Panacea transaction.” In connection with the closing, Mr. Johnson resigned as an officer of Exactus, but will continue on with Panacea to assist with investor relationships.