- Both the companies have inked a deal for distributing cannabidiol products to the cosmetic and personal care industry
- Charkit would be responsible for the international and domestic distribution of the products
Charkit Chemical Company and Panacea Life Sciences have signed an exclusive representation agreement for distributing cannabidiol (CBD) products derived from hemp to the cosmetic and personal care industry, announced Jay Lang, President of Charkit.
Apparently, Charkit would be responsible for the international and domestic distribution of Panacea Pure hemp oil as well as hemp-derived CBD isolates, blends and distillates produced at the 43,000 sq. ft. Center of Excellence of Panacea in Golden, Colorado. Sources familiar with the matter mentioned that this facility presents an impressive infrastructure, with GMP-compliant manufacturing processes, proprietary extraction methods and advanced laboratories.
CBD distillate of the company is purportedly available in varying concentrations, broad spectrum and full spectrum to fit all production needs, and it is also guaranteed that Panacea Pure hemp CBD isolate is 99.9 percent pure. All Panacea Pure hemp products are THC-free, herbicide-free, pesticide-free and non-GMO, the sources informed.
Vice President and Sales Group Leader at Charkit, Dan O’Neill, was quoted saying that the recent passage of the US Farm Bill, coupled with the huge consumer demand means that the CBD products market is exploding. Customers of Charkit in cosmetic and personal care segments need these products and the company is ready to deliver high-performance, high-quality ingredients from Panacea.
Nick Cavarra, Panacea’s Vice President of Sales and Marketing, mentioned that the focus and exemplary reputation of Charkit to work only with the top manufacturers in the specific industries perfectly aligns with the mission of Panacea – to provide the purest CBD oil derived from hemp in the market.
Cavarra added that the trust Charkit has built in the cosmetics and personal care market, along with its attention to detail and customer-centric approach, had made the decision of collaborating with Charkit an easy one.
Reports indicate that the CBD industry is estimated to be valued at around $800 million but could grow to reach $19 billion by the year 2022.