Neptune Wellness Solutions, a diversified and fully integrated health and wellness company, announced that it has entered into a binding agreement to divest its cannabis business which includes the cannabis plant in Sherbrooke, Québec, the Mood Ring and PanHash brands, and related assets.
The company has reached an agreement with PurCann Pharma, a subsidiary of Groupe SiliCycle, a Quebec based company with more than 27 years of experience with extracting and purifying active ingredients from natural biomass, to purchase Neptune's cannabis assets for CA$5.15 million to be paid in cash.
Neptune intends to use the net proceeds from the sale of these assets to for working capital and other general corporate purposes.
The transaction is expected to close on or before November 15, 2022, upon completion of standard closing requirements.
