Benzinga | Oct 27, 2020 07:15AM EDT

Neptune Wellness Solutions Inc. Secures Supply Agreement With Ontario Cannabis Store

~ The deal represents the second major province to ink such an agreement with the Company for its proprietary Mood Ring cannabis line for the Canadian market ~~W0:

LAVAL, QC, Oct. 27, 2020 /CNW Telbec/ - Neptune Wellness Solutions, Inc. ("Neptune" or the "Company") (NASDAQ:NEPT) (TSX:NEPT) has entered into a supply agreement with the Ontario Cannabis Store (OCS), the wholesaler and sole online retailer for recreational cannabis, for the sale and distribution of Neptune's new proprietary recreational product line, Mood Ring.

This is the second such agreement Neptune has secured through its wholly owned subsidiary 9354-7537 Quebec Inc.1 On Sept. 24, the Company announced it had entered into an agreement with the British Columbia Liquor Distribution Branch (BCLDB), the wholesaler and public retailer of non-medical cannabis products throughout that province.

"This is yet another landmark moment in the cannabis movement, and will allow Neptune to bring the Mood Ring brand -- affordable, sustainable and premium cannabis products -- to the millions of people who live in that province," said Michael Cammarata, Chief Executive Officer and President of Neptune.

Ontario is Canada's largest market for adult-use cannabis products. The agreement authorizes Neptune to supply Mood Ring products to the OCS for sale and wholesale distribution. The products are anticipated to be available for purchase this fall through the OCS online store.

Additionally, the Mood Ring product line will be available to the 211 licensed private retailers in Ontario. Together with British Columbia, this extends Neptune's reach to 515 retailers in Canada.

The initial Mood Ring product rollout will include quality High CBD Oil, High CBD Capsules, Classic Hashish, and Legacy Hashish. Mood Ring uses Neptune's proprietary cold ethanol extraction process technology to create full spectrum extracts for the Company's CBD products and newly implemented solventless extraction for THC concentrates.