If pantheists claim that world and God are identical, then pantheism fails. For dust and spirit just aren’t identical. Yet, if the claim is that God as spirit permeates every part of the world, then pantheism doesn’t conflict with theism. For in this case pantheism is just a way of understanding God’s omnipresence.
A third way to cash out pantheism would be to say that everything has the property of being divine. But then again, there are many things that aren’t plausibly divine. Just pick your favorite examples. Moreover, my semantic argument entails that there are no universal properties. So also in this case pantheism doesn’t pose a problem for theism.