LAVAL, Quebec, June 29, 2020 /CNW Telbec/ -PRESS RELEASE- Neptune Wellness Solutions Inc., a health and wellness products company, announced today it has been authorized by Health Canada to sell cannabis products in Canada. This sales license includes edibles, vapes, extracts, topicals and beverage products. This authorization adds to a previously held processing license and will expand Neptune's cannabis operations to include proprietary branded products. Additionally, the authorization enhances the capabilities of the company's white label offerings, providing incremental value and service offerings to its industry customers.
In addition to the sales license, Neptune's cold storage and added operating space have been approved for operation. The enlarged cold storage and approved space in its Sherbooke facility provide greater capacity to process larger volumes of product and store at low temperature to protect product. The increased storage adds significantly to Neptune's logistic capabilities and provides incremental solutions to the company's clients.
"The receipt of our sales license is a major milestone for Neptune and significantly expands our cannabis revenue opportunities. We are already advanced in our development of our own brands, and look forward to announcing new branded products. We also see potential for future co-branded opportunities. Additionally, the license enhances our white label business, allowing us to ship direct to provincial customers on behalf of our partners. We plan to further enhance our production capabilities to expand both our branded and white label product solutions and product forms and capture incremental value within the growing Canadian cannabis market," said Michael Cammarata, chief executive officer of Neptune Wellness Solutions. "The sales license, along with our approval to begin operating our expanded space and cold storage significantly increase our capabilities to support our customers, solve the storage limitation inherent among many current and potential cannabis customers and provide significantly higher value to our partners and customers, capturing incremental revenue and growth."