Neptune Announces Multi-year Agreement with Canopy Growth to Provide Extracted Cannabis Products
Neptune Technologies & Bioressources Inc., announced that it entered into a multi-year agreement with Canopy Growth. Under the terms of the agreement, Neptune will supplement Canopy Growth’s 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.
“Extract products are key to the future of the global cannabis industry and we’re taking the right steps to significantly increasing our production capacity to capture this opportunity,” said Mark Zekulin, President, Canopy Growth. “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.,” added Mr. Zekulin.
“Today’s agreement represents an important milestone in our cannabis growth strategy and validates our repositioning into larger global markets characterized by growth. Neptune has a history of producing high quality products for the natural health sector and is well positioned to apply and lever this experience to cannabis products,” concluded Jim Hamilton, President and CEO of Neptune.
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.