Panacea Life Sciences, a private CBD company is proceeding with a reverse merger with Exactus BioSolutions, a publicly held company (OTCQB: EXDI). This means that Panacea Life Sciences' principals will maintain control of the company as it goes public through the merger with Exactus. Inc. Through a 1:28 reverse stock split, Exactus, Inc. will trade Series C convertible preferred stock, Series C-1 convertible preferred stock, Series D convertible preferred stock and common stock to acquire Panacea Life Sciences. In total, that will be 1 million, 2 thousand share of convertible preferred stock and 473,639,756 shares of common stock. After the merger is complete, Exactus will change its name to Panacea Life Sciences Holdings. Everything was still pending regulatory approval as of July 2, 2021.
Initially, there were three companies involved in what eventually led to this merger. In 2019, 22nd Century Group invested 14 million in Panacea. With that investment, 22nd Century bought an 11.6% worth of shares in Exactus . That exchange coupled with the Exactus stock trades will complete the transactional aspects of the merger.
The leadership of the new company is also being planned. Larry Wert, the EC, and Media Executive of Exactus, Inc. will join the board of directors and no longer be EC. Andrew Johnson, an officer at Exactus, Inc. will become assistant of investor relations at the new company.
Panacea Life Sciences' Leslie Buttorff founded the company in 2017 as a seed-to-sale business. There's began as a female owned business with forward thinking industry practices. From their 51,000 square foot cGMP certified facility in Golden, Colorado they employ the use of CO2 extraction and chromatography equipment. Their product originates from PANA Botanical Farms, Colorado.
Panacea’s Product Line
Panacea's product line includes hemp-derived CBD products like topicals, soft gels, tinctures, sublingual tablets, gummies, and cosmetics. All these products have only a trace of THC. They're made for both the consumer and their pets. Out of the 113 cannabinoids in cannabis, Tetrahydrocannabinol (THC) is the principal psychoactive component.