Neptune Wellness will commercialize PanHash in Quebec
The company has signed a LOI to distribute the products in the state.
Neptune Wellness Solutions Inc. (Nasdaq: NEPT) announced that it has signed a letter of intent with Societe Quebecoise du Cannabis (SQDC) to sell its new cannabis brand PanHash ™. SQDC is the only legal recreational cannabis retailer in Quebec. Michael Cammarata, the company's CEO and President said this is an exciting time for the company to work with SQDC for Neptune's newest recreational cannabis brand, PanHash™. He said PanHash was specifically created to reflect the company's roots and heritage in Quebec. PanHash focuses on quality and safe products that can compete with other brands in the local market. Interestingly, the company will initially launch two PanHash branded products. The products will have a high concentration of CBD and will be available in capsule and oil form. The product also benefits from the company's novel cold ethanol extraction technology, which creates a full-spectrum extract that preserves all of the plant terpenes. Cammarata also indicated that PanHash ™ 'addition will complement the original Mood Ring brand currently available in the BC Cannabis Store and the Ontario Cannabis Store. Similarly, the PanHash ™ brand will join the Neptune family and the SQDC agreement will enable the company to deliver sustainable, high quality and affordable cannabis products to Quebec. The deal allows Neptune to offer PanHash ™ products for sale in Quebec through SQDC. Most importantly, the company will make the PanHash ™ branded products available to Quebec customers this spring. The agreement with QSDC makes the company's recreational cannabis products available through the Mood Ring or PanHash ™ brand to more than 900 retailers in three provinces across Canada. It's important to note that Neptune employs a cost-effective and flexible supply chain and manufacturing infrastructure that the company can easily scale to other product categories to take advantage of new opportunities. Most importantly, Neptune is in a strong position when it comes to cannabis and hemp research and development, which is focused on cannabinoids (CBD) in household products.