Benzinga | Nov 9, 2021 10:04PM EST

Neptune Sells New Sustainable Mood Ring Vapes In Canada, Part Of Proceeds Support Planting Trees

The cannabis-oriented health and wellness company Neptune Wellness Solutions Inc. (NASDAQ:NEPT) (TSX:NEPT) announced Tuesday the launch of Mood Ring branded vape products in the provinces of Ontario, Alberta and British Columbia.

Neptune's popular cannabis brand, Mood Ring, launched Jack Flash and Pure Kush vape products in Alberta and British Columbia and Jack Flash in Ontario. Vapes represent a significant market opportunity within Mood Ring's diversified portfolio of high-quality cannabis flower, THC and CBD oils, capsules and hashish products. The company expects to launch additional Mood Ring branded products across its licensed Canadian footprint throughout the coming year.

Mood Ring's vapes are produced sustainably with biodegradable mouth pieces made from first to market hemp-plastic and a low-energy extraction using Neptune's patented process.

A portion of the proceeds from the sales of Mood Ring products will be donated to the planting of trees through the company's partnership with One Tree Planted.

"Demand for vapes continues to grow across Canadian provinces, making it the third largest category of cannabis products by sales in Canada," Michael Cammarata, CEO and president of Neptune stated. "Following the success of our other product launches to-date and scalable vape production, we anticipate significant revenue contribution from vapes over the next several years. Jack Flash and Pure Kush 510 thread cartridges feature two special strains that are produced using all-natural materials, which enable us to deliver a differentiated product from both an experience and sustainability perspective. This initial launch of vape products is the next step in our strategy of transforming our cannabis business from a slow-growth, low margin extraction business to a high growth, higher-margin branded CPG business."

Price Action

Neptune's shares were trading 1.01% higher at 54 cents per share at the market close on Tuesday.

Photo: Courtesy of George Bakos on Unsplash