Neptune Wellness Solutions Inc (NASDAQ:NEPT) has announced towards mid-June that it secured a multi-year deal with Green Organic Dutchman Holdings Ltd (OTCMKTS:TGODF) for extraction, development and packaging services.
The agreement between the two companies will allow Green Organic to be the exclusive firm that will extract, formulate and package organic products that are certified. It will also exclusively distribute the products within Canada. Neptune has significant knowledge that will play an important role in helping Green Organic to expand its production of a variety of consumer wellness products.
Green Organic will send more over 230,000 kilograms of hemp biomass and cannabis to Neptune for processing and transformation as part of their multi-year agreement. Neptune will then transform the raw products into premium organic wellness products. The deal between the two companies also represents the biggest deal that any cannabis industry processor has ever received.
“With this agreement, Neptune becomes a key partner for TGOD; we have been impressed with their commitment to innovation and excellence in every aspect of their business,” stated TGOD CEO, Brian Athaide.
Neptune Wellness and Green Organic will collaborate to achieve organic certification. Neptune will also provide a significant amount of space that Green Organic will use for its proprietary technologies.
Jim Hamilton is no longer Neptune Wellness’ CEO
Neptune Wellness kicked off this week with the announcement that Jim Hamilton has resigned from his post as the company’s CEO. He has been the company’s CEO for more than four years but despite his exit, he will still be one of the company’s advisors, thus remaining as a part of the firm.
Following Hamilton’s exit, Neptune Wellness appointed Michael Cammarata to take over the CEO position and the changes are effective immediately. Cammarata knows a thing or two about running a business considering that he founded a wellness brand called Schmidt’s Naturals. The latter was acquired by Unilever.
Cammarata also has a strong business background aside from being the founder of Schmidt’s Naturals. Neptune Wellness believes that those skills will be ideal towards elevating its operations to the next level.