Leader in the production of legal, industrial hemp cannabinoid products for consumers and pets, Panacea Life Sciences Holdings Inc (OTCMKTS:PLSH) has a 51,000 square foot cGMP certified facility in Colorado, USA. It is an integrated plant with extraction, manufacturing, testing as well as fulfillment. Panacea is engaged in selling gummies, softgels, tinctures, cosmetics as well as other topicals. The company also provides services for contract manufacturing and white labeling.
Trading Data
On Wednesday, PLSH stock soared 26.32% to $0.12 with more than 31K shares, compared to its average volume of 10K shares. The stock moved within a range of $0.1200 – 0.2000 after opening trade at $0.14.
Panacea awarded eight nutraceutical purchase orders as it expands its U.S.-based softgel manufacturing services into the growing health, plant-based market
Panacea Life Sciences Holdings Inc on August 17, 2022, announced that the firm has expanded the softgel manufacturing expertise into the nutraceutical space. The company said that it was awarded eight purchase orders for filling a void in the industry.
The aggregate value of purchase orders will result in revenue generation of about $500,000 for the balance of the 2022 fiscal year. Panacea can manufacture about a million softgels daily.
Nick Cavarra, President at Panacea said that being one of the certified cannabinoid manufacturing facilities, the firm’s launch of the vegan softgel capabilities ensures a higher level of communication, trust, transparency, and production quality for the growing market. Cavarra added that the company has made a seven-figure investment in the staff, training, and machinery for meeting the expectations and needs of the surging customer base. Cavarra further said that Panacea has committed on becoming the #1 rated vegan softgel provider in the country and believes that it is on its way to realizing the objective.
Key Quote
“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 become the #1 rated vegan softgel provider in the U.S., and we believe we are well on our way to realizing this objective.”
Technical Data
PLSH stock is trading below the 20-Day and 50-Day Moving averages of $0.15 and $0.22 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.56. The company has a total market capitalization of $1.80 million. The stock is down 82% over the past 6-month.
