Neptune Wellness Solutions Inc NEPT, a Canada-based company engaged in the extraction, purification and formulation of health and wellness products, has entered into a definitive agreement to provide extraction, and purification services to Tilray Inc. TLRY.
Neptune’s facility in Sherbooke, Quebec expects to receive its first shipment of biomass from Tilray in September. Under the agreement, the minimum volume of biomass to be processed over the three year term is 125,000kg, of which the first year is expected to represent 20 percent of total volumes.
Need more cannabis news? Check out all of our coverage here.
"We are thrilled to be working with Tilray, a globally recognized leader in cannabis. The size and length of this contract is a testament to the strength of our commercial, scientific and operations teams," said Neptune CEO Jim Hamilton in a press release.
Neptune shares traded up 13 percent to $4.49 in Friday's pre-market session.
Related Links:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.