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Neptune Wellness Solutions Inc. (NASDAQ: NEPT) (TSX:NEPT) announced Friday an advertising and creative deal with magazine publisher American Media LLC.
The aim of the collaboration is to boost the development of Neptune’s brands in the U.S., such as Forest Remedies and Ocean03, the company said.
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American Media operates media brands including Men’s Journal, OK! and Us Weekly and has a total circulation of 5.7-million-plus and reaches more than 53 million readers monthly.
Pursuant to the agreement, American Media will promote and advertise Neptune’s consumer-facing brands in the U.S. and in turn, Neptune will issue 3 million warrants to Amerian Media, with each warrant enabling the holder to buy one common share of the company at a price of $8 per share.
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"American Media's pedigree and reach will accelerate the growth of Neptune's consumer-facing products into the U.S. retail landscape. We are excited to have American Media join the Neptune family," Neptune CEO Michael Cammarata said in a statement.
Dylan Howard, American Media's senior vice president of corporate development, said the company is excited to partner with the cannabis company.
"We look forward to our continued collaboration, and success, in this high-growth industry."
Neptune shares were trading 3.99% higher at $3.83 at the time of publication Friday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.