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Health and wellness company Neptune Wellness Solutions Inc. (NASDAQ:NEPT) (TSX:NEPT) shared Monday an update on its operations and strategy, revealing several new product launches as well.
Business Transformation And Future Plans
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The Quebec, Canada-based transformed from a B2B cannabis and hemp extraction company to a fully integrated consumer products company last year. Its core strategy is centered around health and wellness, especially on the following CPG verticals:
- cannabis,
- beauty and personal care,
- nutraceuticals,
- organic foods and beverages.
Among the company’s brands across these verticals are Mood Ring, Sprout, Neptune Wellness, Pan Hash, NuturMe, Nosh, Ocean Remedies, and Forest Remedies.
Furthermore, Neptune noted it plans to work on new products and lines.
"We have made tremendous progress transforming a 22-year-old company in less than two years,” Michael Cammarata, president and chief executive officer of Neptune, stated. “We are in a unique time in history, and we believe that the opportunities ahead of us are immense.”
Cammarata noted that all of the company’s business verticals, except for cannabis, are having a positive contribution to gross margins.
“Neptune's future will be focused on brand creation, accelerated organic growth complemented by new acquisitions with operational excellence as our foundation,” Cammarata continued. “The first step toward this new strategy is a lineup of CBD-infused beverages starting with teas and lemonades, that is expected to launch into the U.S. market later this year. Additionally, we will introduce a disruptive plant-based Omega 3-6-9 product in the U.S. market as well as plant-based tableware and utensils."
Updates By Verticals
- Cannabis
In the last couple of months, Neptune extended its product distribution in the Canadian cannabis market, obtaining approval to sell its Mood Ring and PanHash products in British Columbia, Ontario, Alberta, and Quebec.
More recently it acquired a license amendment from Health Canada to enable the sale of dried flower and pre-rolled cannabis joints in Canada.
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- Organic foods and beverages
In February, the company obtained a controlling interest in Sprout Foods, Inc., with Sprout becoming its key brand in this vertical. Neptune currently works on extending Sprout’s distribution in all of Target Corporation (NYSE:TGT)'s retail stores in the U.S.
What’s more, it plans to launch Sprout products in Canada and The U.K. in the second fiscal quarter.
- Nutraceuticals
The company is engaged in advancing its Omega-3 delivery technology MaxSimil, with plans to minimize production expenses, boost gross margins and return invested capital. It will launch two new consumer products: MaxSimil with CoQ10 and Max Simil with Curcumin.
In addition, it aims to launch a new consumer line of Vitamin Sprays and Pumps for both children and adults.
Management Changes
Neptune’s management team decided to expand its leadership with a new president assigned to oversee the North American CPG brands portfolio. When hired, the new president will respond to Michael Cammarata.
The company recently employed Emily Fletty as Vice President of Human Resources.
Shareholder Class Action
A purported class action was filed in the U.S. against the company and some of its existing and former employees in March. The lawsuit alleges violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934, arguing the company made false and/or misleading statements and failed to disclose certain important data.
On this account, management said it plans to “vigorously defend itself,” claiming these allegations are without merit.
Price Action
Neptune’s shares were trading 1.67% lower at $1.18 per share at the time of writing.
Photo by Kimzy Nanney on Unsplash
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.