Neptune Wellness Solutions has completed the divestiture of its cannabis business which includes the cannabis plant in Sherbrooke, Québec, the Mood Ring and PanHash brands, and related assets.
Ray Silcock, Chief Financial Officer of Neptune, said, "We are pleased to complete the divestiture of our cannabis business, a critical milestone in executing upon our strategy to become a leading CPG company. The sale of the cannabis assets will allow us to realize significant cost savings and operational streamlining from redirected resources towards our simplified corporate structure, as we focus on Sprout as the key growth driver for Neptune going forward."
Neptune retained Stifel GMP as its sole financial advisor and Osler, Hoskin & Harcourt LLP as legal counsel in connection with the Transaction.
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Neptune Wellness Solutions