Panacea Life Sciences Holdings, Inc. Continues Pursuit of High Growth Health and Wellness Products with Acquisition of Sierra Sage, LLC and Halucenex from Melodial Global Health (formerly Creso Pharma Limited)
- Panacea Life Sciences Holdings, Inc. is set to acquire Sierra Sage Herbs, expanding its product offerings and market reach. Sierra Sage has 90,000 points of distribution across the US, including major retailers like Whole Foods, Walmart, and Amazon. This acquisition could lead to increased revenue for Panacea through the sale of Sierra Sage's popular natural products.
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Golden, Colorado, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Panacea Life Sciences Holdings, Inc. (OTCQB:PLSH) ("Panacea” or the "Company"), today announced it has entered into a Letter of Intent with Melodial Global Health (formerly Creso Pharma) to acquire Sierra Sage Herbs (“Sierra”), maker of the best-selling Geen Goo, Southern Butter and Good Goo natural products and Halucenex, a company researching novel psychedelic compounds. The deal would extend Panacea’s footprint into natural first aid and body care products, and establishes a strong tie with Melodial through a significant stock ownership stake.
Sierra Sage, which counts 90,000 points of distribution across the US including Whole Foods, Walmart, Amazon, Target.com, CVS, Walgreens, Rite Aid, Kroger, and Food Lion, among others, will continue to operate under its existing leadership while gaining access to Panacea’s 51,000 square foot manufacturing, production and distribution facility in Golden, Colorado.
Originally founded in 2008 by sisters Jodi and Jen Scott and their mother Kathy Scott, Sierra Sage has grown from a home-based, women-run start-up to a leader in the natural health products space. Its biggest line, Green Goo, is a collection of plant-based portable first aid and body care products that are crafted using a proprietary lipid-infusion process, rather than with pre-made extracts. This unique process increases the medicinal value of its salves, making its natural healing properties some of the most potent in the market. Green Goo ingredients are organic whenever possible, are sourced using fair trade principles, and include no harmful chemicals. The company also offers a line of hemp-infused health products through its Good Goo brand and a line of intimate skin care products through its recently launched Southern Butter brand.
“My family and I started Sierra Sage Herbs because we saw a real white space in the market for naturally safe, effective, simple wound care that was both portable and accessible," said Sierra Sage Herbs CEO and co-founder, Jodi Scott. "We are thrilled to be joining with another woman founded Colorado-based company that shares our ideology to pursue ESG (Environmental, Social, Governance) goals in health, science and wellness.”
Halucenex is a life sciences development company with a focus on researching novel psychedelic compounds, including developing and licensing psychedelic compounds for pharmaceutical and nutraceutical markets, and conducting clinical trials on the medical benefits of psychedelic medicine. Halucenex operates a 6,000 sq. ft. medical facility in Windsor, Nova Scotia with 6 treatment rooms and a secure laboratory dedicated to performing psychedelic-assisted psychotherapy and clinical research. Halucenex intends to maintain control over all aspects of the product development process – mycological research, extraction technology, and synthetic formulation as well as drug delivery technologies, psychedelic-assisted psychotherapy and regulatory affairs.
Sierra Sage and Halucenex will join the enterprise group at Panacea that includes health and wellness including Panacea branded CBD/CBG and nutraceuitical production in Golden Colorado. Other planned acquisitions in the Panacea portfolio include N7, a chain of Kratom and Kava bar locations in South Florida which was signed in July and expected to be completed in the second half of 2023.
Panacea intends to position itself to provide a comprehensive menu of natural and organic health and wellness products catering to all segments of the health and wellness minded community, while supporting research into important medical and health challenges, such as the effects of CBD/CBG/psilocybin on conditions such as irritable bowel syndrome, pain management, brain injury and PTSD.
"Adding Sierra Sage and Halucenex to the family helps Panacea achieve its goals of generating revenues from numerous naturally found products and ingredients” said Leslie Buttorff, CEO of Panacea. "Melodial’s decision to focus on its main products while collaborating with us to expand into the US market should well-position our group for unbridled success as an industry leader. It is a vote of confidence by an established cannabis company in support of our efforts. Halucenex fits well into our new health and wellness focus as we have spent the last six months developing new mushroom related products. We hope to capture significant market share in the three categories of mushroom products under development -- functional, amanita and psilocybin -- while enhancing our on-going research efforts at Colorado State University at the Panacea Cannabinoid Lab in order to produce valuable information about these emerging compounds."
The purchase price for the acquisition will be based upon 1X trailing 12 months audited sales of Sierra Sage, with a projected
Closing of the acquisition is subject to satisfaction of customary terms and conditions for a transaction of this kind, including completion of due diligence, negotiation of definitive documents, approval of the boards of directors of Melodial and Panacea, availability of financing for the cash portion of the purchase price and losses from operations following acquisition, on terms, and subject to conditions, acceptable to Panacea in its sole discretion, and the availability of audited financial statements for the prior two completed fiscal years for Sierra Sage and Melodial.
About Panacea Life Sciences Holdings, Inc.
Panacea Life Sciences Holdings, Inc. (PLSH) is holding company structured to develop and facilitate manufacturing, research, product development and distribution in the high-growth, natural human and animal health & wellness market segment. Its subsidiary, Panacea Life Sciences, Inc. (PLS) is a woman-founded and led company dedicated to manufacturing, distribution, research and production of the highest-quality nutraceutical, cannabinoid, mushroom, kratom and other natural, plant-based ingredients and products. PLS operates out of a 51,000 square foot, state-of-the-art, cGMP facility in Golden, Colorado. If you would like more information, please visit www.panacealife.com
About Sierra Sage Herbs
Committed to making the best all-natural, plant-based skin care products, Sierra Sage Herbs, now part of Creso Pharma, is on a mission to spread goodness, empower change and redefine natural body care. Founded in 2008 by sisters Jodi and Jen Scott and their mother Kathy Scott, the company's natural products brands include the wildly popular Green Goo and Southern Butter, which are sold across more than 90,000 points of distribution around the US. A certified “B Corp.”, Sierra Sage aligns and partners with charities, aid organizations, and causes both in the United States and around the world. To learn more please visit: www.sierrasageherbs.com.
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 our ability to obtain raw materials and ingredients from our vendors, our ability to fulfill purchase orders on a timely manner, our ability to attract financing on terms and subject to conditions, acceptable to us, our ability to operate profitably and continue as a going concern, effects of Covid-19 on our business and the businesses of our customers and suppliers, the ability to manage an acquisition program and integrate acquisitions, as well as those risks and uncertainties described in our annual report on Form 10-K for the fiscal year ended December 31, 2022 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:
info@panacealife.com
800-985-0515
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