Canopy, Neptune sign extraction deal
LAVAL, Que. - Neptune Technologies & Bioressources Inc. has entered into a multi-year agreement with giant licensed producer Canopy Growth to supplement its extraction, refinement and extract product formulation capacity.
"We are truly excited to partner with such a great company as Canopy Growth. This multi-year agreement, including minimum volume commitments, will be supported by Neptune's decades of experience in extraction, purification and formulation of value added differentiated science-based products," said Michel Timperio, president of Neptune's Cannabis Business, in a statement.
The agreement is part of Canopy Growth's plan to expand its range of cannabis extract products to prepare for the globalization of the cannabis industry, according to Canopy Growth president Mark Zekulin.
"We were the first to introduce extract-based cannabis Softgels and this agreement supports our development of a wide range of extract products to meet the demand of these growing market segments as we prepare our operations for greater product diversification."
"When combined, this significantly increased extract production capacity, coupled with extract focused research, positions Canopy Growth to meet the demand of patients and consumers in Canada and around the world. Neptune's existing throughput capacity will complement Canopy Growth's owned extraction capacity to support extraction requirements for the world's largest cannabis production platform totaling 5.6 million sq. ft."
Through the agreement, Canopy Growth is further diversifying its production platform and driving greater integration in the growing cannabis industry in Quebec. Contributing to a robust, responsible cannabis industry within the province continues to be a core focus for both Canopy Growth and Neptune, the statement from Neptune said.
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