GOLDEN, Colo., Aug. 17, 2022 (GLOBE NEWSWIRE) -- Panacea Life Sciences Holdings, Inc. (OTCQB: PLSH) (“Panacea” or the “Company”), a Colorado, USA-based cannabinoid research-focused company providing natural, non-habit-forming health and wellness products as an alternative to expensive pharmaceuticals and synthetic product offerings, announced today that the Company has expanded its softgel manufacturing expertise into the nutraceutical space and was quickly awarded eight purchase orders to fill what it believes to be a clear void in the industry. The aggregate value of the purchase orders is expected to generate approximately $500,000 in revenues for the Company in the remainder of the 2022 fiscal year.
“As one of the few cGMP certified cannabinoid manufacturing facilities in the U.S., the launch of our vegan softgel capabilities and expansion into the nutraceutical space in mid-June of 2022 made clear to us that companies are seeking a softgel manufacturer that provides a higher level of trust, communication, transparency and production quality for this growing global market,” said Nick Cavarra, President at Panacea. “We have made a seven-figure investment in our machinery, staff, and training to meet the needs and expectations of our growing customer base, and the results are promising. Over the last two years, the Company committed itself to becoming the #1 rated vegan softgel provider in the U.S., and we believe we are well on our way to realizing this objective.”
Panacea can produce up to 1 million softgels in a daily shift depending on the ingredients and the size of the softgel. In addition, Panacea offers a full line of services for its customers including cannabinoid raw materials, formulation research and design, liquid fill capabilities, bottling and labeling, and fulfillment services.
About Panacea Life Sciences Holdings, Inc.
Panacea Life Sciences Holdings, Inc. is a leader in production of legal, industrial hemp cannabinoid products for consumers and pets that operates out of a 51,000 square foot cGMP certified facility in Golden, Colorado, USA, complete with fully integrated extraction, manufacturing, testing and fulfillment. Panacea sells softgels, gummies, tinctures, sublingual tablets, cosmetics, and other topicals. In addition, Panacea offers services for white labeling and contract manufacturing. If you would like more information about these topics or want to learn more about Panacea and its products or our land-to-brand practices, please visit www.panacealife.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 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.