Neptune announces binding agreement for divestiture of cannabis assets

Divestiture marks a key step in the company's strategy to become a leading, pure play cpg company, headlined by the sprout brand laval, qc , oct. 17, 2022 /prnewswire/ - neptune wellness solutions inc. ("neptune" or the "company") (nasdaq: nept), a diversified and fully integrated health and wellness company, announced today that is has entered into a binding agreement to divest its cannabis business which includes the cannabis plant in sherbrooke, quÉbec, the mood ring and panhash brands, and related assets (the "transaction"). the company has reached an agreement with purcann pharma inc. ("purcann pharma"), a subsidiary of groupe silicycle, a quebec based company with over 27 years of experience with extracting and purifying active ingredients from natural biomass, to purchase neptune's cannabis assets for c$5.15 million to be paid in cash.
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