LAVAL, QC, June 7, 2019 /CNW Telbec/ – Neptune Wellness Options Inc. (NASDAQ: NEPT) (TSX: NEPT), has entered right into a definitive settlement to supply extraction, and purification companies to Tilray Inc. (“Tilray”) (NASDAQ: TLRY) a worldwide chief in cannabis analysis, cultivation, manufacturing and distribution.
Neptune will obtain, at its facility in Sherbooke, Quebec, cannabis and hemp biomass from Tilray. Neptune will present extraction companies to supply numerous extract codecs which embody crude resin, winterized oil and distillate extracts.
Beneath the phrases of the settlement, the minimal quantity of biomass to be processed over the three 12 months time period is 125,000kg, of which the primary 12 months is anticipated to symbolize 20% of whole volumes.
“We’re thrilled to be working with Tilray, a globally acknowledged chief in cannabis. The dimensions and size of this contract is a testomony to the power of our industrial, scientific and operations groups.” stated Jim Hamilton, CEO of Neptune.
“We’re excited to start out our relationship with such an awesome firm as Tilray and we stay up for our future collaboration collectively” stated Michel Timperio President of Neptune’s cannabis division.
Neptune expects to obtain its first cargo of biomass from Tilray in September, 2019.
About Neptune Wellness Options Inc.
Neptune Wellness Options specializes within the extraction, purification and formulation of well being and wellness merchandise. The corporate’s wholly owned subsidiary, 9354-7537 Québec Inc., is licensed by Well being Canada to course of cannabis at its 50,000-square-foot facility positioned in Sherbooke, Quebec. Neptune brings many years of expertise within the pure merchandise sector to the authorized cannabis business. Leveraging its scientific and technological experience, the corporate focuses on the event of value-added and differentiated merchandise for the Canadian and international cannabis markets. Neptune’s actions additionally embody the event and commercialization of turnkey diet options and patented elements resembling MaxSimil®, and of a wide range of marine and seed oils. Its head workplace is positioned in Laval, Quebec.