Charkit to partner with Panacea Life Sciences on hemp-derived CBD products
Jay Lang, President, Charkit Chemical Company, announced that the company has signed an exclusive representation agreement with Panacea Life Sciences of Golden, Colorado to distribute hemp-derived cannabidiol (CBD) products to the cosmetic and personal care industry.
With this agreement, Charkit will be responsible for the domestic and international distribution of Panacea Pure hemp oil and hemp-derived CBD isolates, distillates and blends produced at Panacea’s 43,000 square foot Center of Excellence in Golden, Colorado. The facility features an impressive infrastructure, with advanced laboratories, proprietary extraction methods and GMP-compliant manufacturing processes. Panacea Pure hemp CBD isolate is guaranteed to be 99.9% pure and the company’s CBD distillate is available in full spectrum, broad spectrum and varying concentrations to fit all production needs. All Panacea Pure hemp products are non-GMO, pesticide-free, herbicide-free and THC-free.
According to Dan O’Neill, Vice President and Sales Group Leader at Charkit, “Huge consumer demand, coupled with the recent passage of the US Farm Bill, means the market for CBD products is exploding. Our customers in cosmetic and personal care have a need for these products and we are now ready to supply them with high-quality, high-performance ingredients from Panacea.”
Panacea is a market leader in developing medically relevant formulations and products from the hemp plant. The company sources industrial hemp grown organically in the USA, then processes it using proprietary extraction techniques to produce hemp oil that is rich in cannabinoids and terpenes. The oil is then further optimized and refined, including the removal of any detectable THC, resulting in material that is highly bioavailable. Until recently, that material has only been used in Panacea’s own line of branded supplement products. With this announcement, it is now available for cosmetic and personal care applications through Charkit.
Nick Cavarra, Vice President of Sales and Marketing at Panacea stated that “Charkit’s exemplary reputation and focus on working only with the top manufacturers in their respective industries aligns perfectly with Panacea’s mission of providing the purest hemp CBD oil in the market. Their customer-centric approach, attention to detail, and the trust they have established in the cosmetics and personal care market made partnering with Charkit an easy decision.”
The CBD industry, currently estimated at $800 million, is expected to grow to $19 billion by 2022. Because cannabinoid receptors are found throughout the human body, product applications in the skin care, sun care, personal hygiene and beauty segments represents a significant growth opportunity for manufacturers and marketers.