Neptune Technologies and Bioressources (NASDAQ:NEPT; TSX:NEPT) announced a multi-year extraction, refinement, and extract product formulation capacity agreement with Canopy Growth (NYSE:CGC; TSX:WEED).
As quoted in the press release:
“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.”