Neptune announces $16.5M extraction partnership for hemp processing
May 20, 2020 By Grow Opportunity staff
Neptune Wellness Solutions Inc. announced that it has entered into a partnership that promises a minimum of $16.5 million of revenue for the company.
The Laval, Que.-based health and wellness company will be processing about 44,000 kg of crude and distillate extracts from hemp biomass in four instalments over the next six months.
The cannabis and hemp extraction company has been looking to expand its hemp processing company since the acquisition of two hemp processing facilities in North Carolina is June last year.
In the past few months, it has also expanded its product capacity, including a new line of hand sanitizers in partnership with conservationist Dr. Jane Goodall. The company has also fast tracked the development of its plant-based hand sanitizers in response to the COVID-19 outbreak.
“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.”
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