Panacea Life Sciences Holdings, Inc. agreed to acquire Nitro Kava & Kratom.
July 09, 2023
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Panacea Life Sciences Holdings, Inc. (OTCPK:PLSH) agreed to acquire Nitro Kava & Kratom Lizard Juice, LLC, N7 Enterprises, Inc. and New Age Distribution Corp on July 3, 2023. The purchase price for the acquisition consists of no cash and the agreement to issue approximately 85,000 shares of a new class of convertible preferred stock, which is convertible into approximately 8.5 million shares of common stock to Nitro Kava & Kratom. The acquisition includes eight retail locations in the Tampa, Florida area, offering Kava, Kratom, VAPE and CBD products and beverages operating as Nitro Kava & Kratom, including inventory, equipment and recipes, distribution facilities and a warehouse located in Largo, Florida. Nitro Kava & Kratom generated $2.9 million of annual revenues (unaudited) for the fiscal year ended December 31, 2022.
Closing of the acquisition is subject to satisfaction of customary terms and conditions for a transaction of this kind, including delivery by sellers of audited financial statements for the prior two completed fiscal years for the acquisition. The transaction is subject to N7 Enterprises shareholders.
Panacea Life Sciences Holdings, Inc. is a holding company organized as a plant-based natural health ingredient and product company. It specializes in the development, manufacturing, research, and distribution of products with natural health and wellness market segment for both humans and animals. The Companyâs subsidiary, Panacea Life Sciences, Inc. (PLS) is engaged in the production, distribution, research, and manufacturing of nutraceuticals, cannabinoids, mushrooms, kratom, and other natural, plant-based ingredients and products. The Company also offers natural remedies within its branded product lines for every aspect of life, including PANA Health, PANA Beauty, PANA Sport, PANA Pet, PANA Pure, and PANA Life. It also operates 51,000 square foot current good manufacturing practice (cGMP) facility located in Golden, Colorado. The Company, through Panacea Life Sciences Holdings, Inc., manages six retail locations and a distribution center situated in the Tampa, Florida area.