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.
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"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.
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