Panacea Life Sciences Holdings, Inc. entered into agreements acquire 8 Retail Locations in the Tampa, Florida.
July 09, 2023
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Panacea Life Sciences Holdings, Inc. (OTCPK:PLSH) entered into agreements acquire 8 Retail Locations in the Tampa, Florida on July 10, 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 the seller. The seller will be subject restrictions on transfer of such shares and a lockup for a two year period.
The retail locations generated $2.9 million of annual revenues 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.
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.