Exactus restates Q2 2021 financials; related-party revenue of $4.7M improperly recognized

PANACEA LIFE SCIENCES HOLDINGS, INC.

Board concluded Q2 2021 Form 10-Q cannot be relied upon due to material errors.
$4.7M inventory sale to related party (Chairman/CEO) was improperly recorded as revenue.
Transaction accounted for 92% of Q2 revenue and 83% of H1 2021 revenue.
Additional errors in cash flow classification, ROU assets, payables, and expenses under review.
Company will file an amended 10-Q as soon as practicable.

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