CBD company Panacea Life Sciences, Inc. is going public through a reverse merger with Exactus, Inc. (OTCQB: EXDI), a supplier of hemp-derived ingredients.
The Florida-based Exactus agreed to acquire Panacea by issuing 1 million shares of its Series C convertible preferred stock, 1,000 shares of Series C-1 convertible preferred stock, 1,000 shares of Series D convertible preferred stock and 473,639,756 shares of common stock.
Once the merger closes, Exactus will change its name to Panacea Life Sciences Holdings, Inc. In addition, a 1:28 reverse stock split, authorized by the company, is pending regulatory approval.
Under the terms of the agreement, 22nd Century Group, Inc (NYSE: …