CBD maker Exactus plans to pursue an initial public offering on the Nasdaq market.
The company based in Golden, Colorado, said Monday it is working with Aegis Capital Corp., an investment banking firm specializing in early stage capital raises across multiple sectors, to serve as an underwriter in its pursuit for capital from investors.
Exactus will soon be rebranded as Panacea Life Sciences Holdings. It acquired Panacea Life Sciences this summer.
Panacea Life Sciences makes hemp-derived cannabinoid products for consumers and pets, including softgels, gummies, tinctures, sublingual tablets and cosmetics. Panacea attracted $20 million in initial investments when it was founded in 2017 by Leslie Buttorff.
The company received $14 million in 2019 from biotechnology company 22nd Century Group, a Buffalo, New York, company focused on decreasing nicotine in tobacco plants and genetic engineering of hemp plants to modify cannabinoid levels used in manufacturing CBD, CBG and CBN.
Exactus currently trades on the over-the-counter markets as EXDI.