Charkit Chemical Company has signed an agreement to distribute hemp-derived cannabidiol (CBD) products of US-based Panacea Life Sciences to cosmetics, personal care and beauty industries.

Under the terms of the contract, Charkit will be in charge of both domestic and international distribution of Panacea pure hemp oil and hemp-derived CBD isolates, distillates and blends.

These products are manufactured at Panacea’s 43,000ft2 Centre of Excellence in the US state of Colorado.

The facility features modernised laboratories, proprietary extraction methods and manufacturing processes that are Good Manufacturing Practice compliant.

Panacea pure hemp CBD isolate is said to be 99.9% pure. The CBD distillate is accessible in full spectrum, broad spectrum and in different concentrations and suitable for all production processes.

The products are certified to be non-genetically modified organisms, and free of tetrahydrocannabinol, pesticide and herbicide.

Charkit vice-president and sales group leader Dan O’Neill said: “Huge consumer demand, coupled with the recent passage of the US Farm Bill, means the market for CBD products is exploding. Our customers in cosmetic and personal care have a need for these products and we are now ready to supply them with high-quality, high-performance ingredients from Panacea.”

The CBD industry is anticipated to increase from its current estimated value of $800m to $19bn by 2022.