Laval, QC--Neptune Wellness Solutions Inc. announced in a news release that it had completed the divestiture of its cannabis business, including the cannabis plant in Sherbrooke, Québec, the Mood Ring and PanHash brands, and related assets.
[Image via Neptune Wellness Solutions Inc.]
Ray Silcock, Chief Financial Officer of Neptune, said in the release, "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.
Learn more in this release.