Partnership further strengthens B2B extraction
business allowing Neptune to deliver high quality, low-cost hemp
extracts to customers
LAVAL, QC, May 19, 2020 /PRNewswire/ - Neptune Wellness
Solutions Inc. ("Neptune" or the "Company") (NASDAQ: NEPT) (TSX:
NEPT), a diversified and fully integrated health and wellness
company, is pleased to announce today that it has entered into an
extraction partnership for hemp processing resulting in revenues to
the Company of a minimum of $16.5
million over the next six months.
Under the terms of the agreement, Neptune will process 44,000 kg
of crude and distillate extracts from hemp biomass in four
installments over six months.
"We are pleased to enter into this game changing hemp processing
partnership which further strengthens our B2B extraction business
and allows Neptune to deliver high quality, low-cost hemp extracts
to our customers," said David
Mayers, Chief Operating Officer of Neptune. "With this
partnership we are in an even stronger position to serve and
provide value to our Canadian LP customers, while generating high
margin revenue opportunities through the processing of hemp or
cannabis extracts for a variety of product forms."
"This is an exciting point in time for Neptune's history with
accelerated growth across our health and wellness product
portfolio, including cannabis and hemp derived products," added
Michael Cammarata, Chief Executive
Officer of Neptune Wellness Solutions. "With our Phase II
extractor at Sherbrooke
operational, we are now highly competitive on product offerings and
pricing to Canadian LPs, giving our customers the edge to win at
retail in Cannabis 2.0."
About Neptune Wellness Solutions Inc.
Neptune
Wellness Solutions is a diversified and fully integrated health and
wellness company. Through its flagship consumer-facing brands,
Forest Remedies™ and Ocean Remedies™, Neptune is redefining health
and wellness by building a broad portfolio of natural, plant-based,
sustainable and purpose-driven lifestyle brands and consumer
packaged goods products in key health and wellness markets,
including hemp, nutraceuticals, personal care and home care.
Leveraging decades of expertise in extraction and specialty
ingredient formulation, Neptune is a leading provider of turnkey
product development and supply chain solutions to businesses and
government customers across several health and wellness verticals,
including legal cannabis and hemp, nutraceuticals and white label
consumer packaged goods. The Company utilizes a highly flexible and
low cost supply chain infrastructure that can be scaled up and down
or into adjacent product categories to quickly adapt to market
demand. Neptune's corporate headquarters is located in Laval, Quebec, with a 50,000-square-foot
production facility located in Sherbrooke, Quebec and a 24,000 square-foot
facility located in North Carolina. For additional
information, please visit: https://neptunecorp.com/
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SOURCE Neptune Wellness Solutions Inc.