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…

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Source : Panacea Life Acquired by Exactus Inc.

reposted by Cannabis News World

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