Panacea Life Sciences and Sky Wellness Enter Agreement for Licensing, Marketing, Supply and Development of Sky Wellness CBD Products
Panacea Life Sciences (PLSH) has signed a Supply, Licensing, and Development Agreement with Sky Wellness for the marketing and sale of CBD products. Sky Wellness will provide its current inventory, and Panacea will handle marketing and sales, splitting net sales revenue 60% to Sky Wellness and 40% to Panacea. The agreement allows Panacea to use Sky Wellness' trademarks and intellectual property for new product development, including CBD and non-CBD dog chews and a male enhancement product. Panacea plans to stock these products at its retail locations in Tampa, Florida.
- Panacea will gain access to Sky Wellness' existing CBD product inventory.
- Agreement includes a 40% revenue share for Panacea from net sales.
- Panacea can use Sky Wellness' trademarks and intellectual property to develop new products.
- New product lines include CBD dog chews and a male enhancement product.
- Agreement expected to expand Panacea's health and wellness product offerings.
- Products will be stocked in Panacea's retail outlets in Tampa, Florida.
- Sky Wellness retains full ownership of its intellectual property, limiting Panacea's long-term control.
- Revenue split favors Sky Wellness with 60% of net sales.
GOLDEN, Colo., May 16, 2024 (GLOBE NEWSWIRE) -- Panacea Life Sciences Holdings, Inc. (OTCQB: PLSH) (“Panacea Life Sciences,” “PLSH” or the “Company”), a Colorado-based manufacturing, research and product development company in the natural health and wellness industry, announces the execution of a Supply, Licensing and Development Agreement (Agreement) by its subsidiary, Panacea Life Sciences, Inc. with Sky Wellness, LLC for the marketing and sale of Sky Wellness’ current CBD product inventory and the licensing and development of new products under the trademarked family of Sky Wellness brands.
Under the Agreement, Sky Wellness will deliver its current existing inventory of branded CBD and other products to Panacea Life Sciences, and Panacea Life Sciences will market and sell the products under an arrangement that splits net sales revenue at
“This strategic sales and product development relationship with Sky Wellness adds value to our PLSH stakeholders and expands our existing line of health and wellness products,” said Leslie Buttorff, Chief Executive Officer of Panacea Life Sciences. “We plan to stock our chain of retail Pana Kava JavaTM locations in the Tampa, Florida metropolitan area with Sky Wellness products to complement our PANA Health™, PANA Beauty®, PANA Sport™, PANA Pet®, PANA Pure® and PANA Life™ branded product lines.”
About Panacea Life Sciences Holdings, Inc.
Panacea Life Sciences Holdings, Inc. (OTCQB: PLSH) is a holding company organized as a plant-based natural health ingredient and product company, specializing in the development, manufacturing, research, and distribution of products within the
The company's first subsidiary, Panacea Life Sciences, Inc. (PLS), is dedicated to the production, distribution, research, and manufacturing of premium-quality nutraceuticals, cannabinoids, mushrooms, kratom, and other natural, plant-based ingredients and products. Operating from a cutting-edge 51,000 square foot cGMP facility located in Golden, Colorado, PLS is committed to delivering high-quality solutions in the field of natural health and well-being.
Panacea Distro, the second subsidiary of Panacea Life Sciences Holdings, Inc., manages six retail locations and a distribution center situated in the Tampa, Florida area. These establishments provide a diverse range of products, including Nitro Kava, Kratom, Hemp, VAPE products, and various beverages, with a primary focus on promoting alternative health and wellness. The Panacea Distro business is segmented into two distinct areas—the retail stores and the cash & carry distribution warehouse. The retail stores are poised to evolve into franchise stores, with the intention of eventually adopting the name "PANA KAVA JAVA." This strategic move is part of our plan to establish a franchise model based on the success of these existing retail locations.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, risks arising from supply chain disruptions or our ability to obtain raw materials as well as similar problems with our vendors, our ability to fulfill purchase orders on a timely manner, our ability to fully collect money for our purchase orders, the risk of customers returning our products, impact of the pandemic including new variants on our workforce, as well as those risks and uncertainties described by us in our annual report on Form 10-K for the fiscal year ended December 31, 2021 under the heading "Risk Factors". Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by law.
Contact:
Nick Cavarra
President
Nick.cavarra@panacealife.com
FAQ
What is the new agreement between Panacea Life Sciences and Sky Wellness about?
How will the revenue be split between Panacea Life Sciences and Sky Wellness?
What new products will Panacea develop under the Sky Wellness brand?
Where will Panacea Life Sciences stock the new Sky Wellness products?
Does Panacea Life Sciences own Sky Wellness' intellectual property?
