Charkit Chemical in partnership on hemp-derived CBD products

Norwalk-headquartered Charkit Chemical Co. has signed an exclusive representation agreement with Panacea Life Sciences to distribute hemp-derived cannabidiol (CBD) products to the cosmetic and personal care industry.

Under the terms of this agreement, Charkit will handle the domestic and international distribution of the Panacea Pure hemp oil and hemp-derived CBD isolates, distillates and blends produced at Panacea Life Sciences”™ 43,000-square-foot Center of Excellence in Golden, Colorado. Panacea Life Sciences harvests its organically-grown industrial hemp from domestic sources and its products are non-GMO, pesticide-free, herbicide-free and THC-free.

“Huge consumer demand, coupled with the recent passage of the U.S. Farm Bill, means the market for CBD products is exploding,” said Dan O’Neill, vice president and sales group leader at Charkit, who noted the currently estimated $800 million market is forecast to grow to $19 billion by 2022.