Brief: 22nd Century Announces Restructuring Of Panacea Investment, Expansion Of Cannabis Franchise Capabilities

Panacea Life Sciences Holdings

01/07/2021 14:22

July 1 (Reuters) - Exactus Inc  EXDI.PK :
    * 22ND CENTURY ANNOUNCES RESTRUCTURING OF PANACEA
INVESTMENT,
EXPANSION OF CANNABIS FRANCHISE CAPABILITIES
    * 22ND CENTURY GROUP INC - EXISTING $7 MILLION NOTE IN
PANACEA
WILL BE EXCHANGED FOR OWNERSHIP OF NEEDLE ROCK FARMS
    * 22ND CENTURY GROUP INC - WILL ALSO RECEIVE A NEW $4.3
MILLION
NOTE AND $500,000 IN PANACEA EQUITY
    * 22ND CENTURY GROUP - $7.0 MILLION IN PANACEA LIFE SCIENCES
SERIES B PREFERRED STOCK HELD BY 22ND CENTURY WILL BE CONVERTED
INTO 91 MILLION SHARES OF EXACTUS
    * 22ND CENTURY GROUP INC - TRANSACTION IS EXPECTED TO BE
IMMEDIATELY ACCRETIVE TO 22ND CENTURY.

Source text for Eikon:  ID:nGNX62WlPJ 
Further company coverage:  EXDI.PK 

 ((Reuters.Briefs@thomsonreuters.com;))