Mr. Jim Hamilton reports
NEPTUNE EXPANDS EXISTING OFFERING OF TURNKEY SOLUTIONS IN THE U.S. TO INCLUDE HEMP INGREDIENTS
Neptune Wellness Solutions Inc.'s solutions business has begun offering turnkey product development solutions with hemp-derived ingredients to business customers in the United States. A U.S.-based supply chain of licensed hemp extract producers has been established, and initial purchase orders are now being processed.
Neptune Wellness Solutions boasts long-standing experience in the management of custom and white-label turnkey product development solutions comprising a diverse array of product forms, including soft gels, liquids, topicals, emulsions and water-dispersible powders. Branded ingredients and products that have contributed to Neptune's success, such as MaxSimil and ECSentials formulations, could potentially be used in unique combinations with hemp ingredients, particularly as the U.S. regulatory framework around hemp extracts and cannabidiol evolves.
"The U.S. market for hemp is developing rapidly and represents a significant opportunity for the consumer products industry. Neptune is now offering products and services to American brands that want to create a unique hemp-based portfolio, with products made exclusively in the U.S. for the U.S.," commented Jim Hamilton, president and chief executive officer of Neptune Wellness Solutions.
The passage of the 2018 Farm Bill in 2018, as well as the simultaneous acknowledgment by the U.S. Food and Drug Administration (FDA) of the generally recognized as safe (GRAS) status of three hemp-seed-derived ingredients, fuelled the already heightened consumer demand for hemp products and, specifically, hemp extracts. Although the U.S. FDA is currently deliberating its approach on how consumer products containing hemp-derived CBD will be regulated, and the U.S. Department of Agriculture (USDA) is in the process of developing regulations governing the production of hemp in the United States, numerous companies are initiating product development strategies to meet demand for these products once a clear path to market is provided by the regulatory agencies. Neptune intends to operate its activities in compliance with applicable state and federal U.S. laws.
"Neptune's advantage lies in the strength of its supply chain and its strict quality systems. Our strategic alignments with key hemp providers, combined with our scientific and technical expertise, allows us to offer U.S. customers a broad array of products and services that will help meet the demands of consumers," concluded Mr. Hamilton.
About Neptune Wellness Solutions Inc.
Neptune Wellness Solutions specializes in the extraction, purification and formulation of health and wellness products. Licensed by Health Canada to process cannabis at its 50,000-square-foot facility located in Sherbrooke, Que., Neptune Wellness Solutions brings decades of experience in the natural products sector to the legal cannabis industry. Leveraging its scientific and technological expertise, Neptune Wellness Solutions focuses on the development of value-added and differentiated products for the Canadian and global cannabis markets. Neptune Wellness Solutions' activities also include the development and commercialization of turnkey nutrition solutions and patented ingredients, such as MaxSimil, and of a variety of marine and seed oils.
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