Sherbrooke
facility to reach annual run-rate of 200,000 kg by the end of
November
LAVAL, QC, Oct. 16, 2019 /CNW Telbec/ - Neptune Wellness
Solutions Inc. ("Neptune" or the "Company") (NASDAQ: NEPT) (TSX:
NEPT) is pleased to announce that its Sherbrooke, Quebec facility started to process
biomass using its new cold ethanol equipment. The first shipments
of cannabis extracts produced with our ethanol equipment are
expected in the coming weeks once the final release testing is
completed on the first batches that have been extracted. Combined
with Neptune's CO2 extraction line, the Company's
capacity to process biomass is expected to reach an annual run rate
of 200,000 kg by the end of November. As indicated previously,
Neptune's current capacity, including the phase II expansion, is
fully committed to existing clients.
Starting with Phase II and going forward, Neptune has opted for
cold ethanol technology, which could be up to 5x faster than our
CO2 equipment and which consumes up to 2x less energy
than our CO2 technology. Our cold ethanol process
combined with the high level of automation of Neptune's
Sherbrooke facility should
position the Company as a low-cost manufacturer in Canada. Additionally, in recent weeks, we have
received additional security clearance from Health Canada for our
production personnel which should alleviate operational
constraints.
"The Phase II cold ethanol production was completed on budget
and is another important milestone in our capacity expansion
strategy. We are currently working on Phase IIIa which will bring
total annual extraction capacity to 1,500,000 kg. This capacity
expansion is necessary to support the execution of Neptune's growth
strategy to become a global leader in cannabis extraction and
purification while meeting the growing demand from consumers for
natural products. With our diverse base of 100+ customers across
North America in multiple
verticals, including legal cannabis and hemp, nutraceutical, and
consumer packaged goods, Neptune is well positioned to execute on
its growth plans," said Michael
Cammarata, Neptune's CEO.
About Neptune Wellness Solutions Inc.
Neptune Wellness
Solutions specializes in the extraction, purification and
formulation of health and wellness products. The Company has in
excess of 100 customers across several verticals including legal
cannabis and hemp, nutraceutical and CPG. Neptune's wholly owned
subsidiary, 9354-7537 Québec Inc., is licensed by Health Canada to
process cannabis at its 50,000-square-foot facility located in
Sherbrooke, Quebec. The Company
also has a 24,000 square-foot facility located in North Carolina to process hemp biomass into
extracts. Neptune brings decades of experience in the natural
products sector to the legal cannabis and hemp industries.
Leveraging its scientific and technological expertise, the Company
sees applications for hemp-derived extracts in the U.S. beyond
existing markets and product forms and into personal care and home
care markets. Neptune's activities also include the development and
commercialization of turnkey nutrition solutions and patented
ingredients such as MaxSimil®, and a variety of marine and seed
oils. Its head office is located in Laval, Quebec.
Forward Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute "forward-looking statements"
within the meaning of the U.S. securities laws and Canadian
securities laws. Such forward-looking statements involve known and
unknown risks, uncertainties, and other unknown factors that could
cause the actual results of Neptune to be materially different from
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements which
explicitly describe such risks and uncertainties, readers are urged
to consider statements labeled with the terms "believes", "belief",
"expects", "intends", "projects", "anticipates", "will", "should",
"likely" or "plans" to be uncertain and forward-looking. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press
release.
The forward-looking statements contained in this press release
are expressly qualified in their entirety by this cautionary
statement and the "Cautionary Note Regarding Forward-Looking
Information" section contained in Neptune's latest Annual
Information Form (the "AIF"), which also forms part of Neptune's
latest annual report on Form 40-F, and which is available on SEDAR
at www.sedar.com, on EDGAR at www.sec.gov/edgar.html and on
the investor section of Neptune's website at www.neptunecorp.com.
All forward-looking statements in this press release are made as of
the date of this press release. Neptune does not undertake to
update any such forward-looking statements whether as a result of
new information, future events or otherwise, except as required by
law. The forward-looking statements contained herein are also
subject generally to other risks and uncertainties that are
described from time to time in Neptune public securities filings
with the Securities and Exchange Commission and the Canadian
securities commissions. Additional information about these
assumptions and risks and uncertainties is contained in the AIF
under "Risk Factors".
Neither NASDAQ nor the Toronto Stock Exchange accepts
responsibility for the adequacy or accuracy of this release.
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SOURCE Neptune Wellness Solutions Inc.