Panacea Life Sciences Holdings Inc (PLSH)

[nealhugh]

Derek Du Chesne, the chief growth officer of Exactus Inc., says the company’s online sales have increased 12% as a result of COVID-19. Exactus Inc. is a vertically integrated white label hemp company that sells CBD products through its Green Goddess brand and through nearly 30 other brands globally in CVS, Sephora and more.

In the U.S., general product shipments to consumers appear to be mostly business as usual, according to major delivery services like FedEx and the U.S. Postal Service (though Amazon has asked consumers to use “no-rush shipping” if possible so it can focus on higher priority orders).

Though shipping has been a lifeline for many CBD companies, it’s also been “detrimental” for some global retailers such as Exactus, Du Chesne says.

“A big issue that we’re having on the B2B side is shipping and customs,” Du Chesne says. “Last week, we had a couple-hundred-thousand-dollars’ worth of products sitting in customs in the U.K. because people just aren’t going to work anymore and they’re backlogged. Stuff is just sitting in customs all over the world.”