Neptune reports first quarter results

Neptune Wellness Solutions Inc. (“Neptune” or the “Company”) a diversified and fully integrated health and wellness company focused on plant-based, sustainable and purpose-driven lifestyle brands, today announced its financial and operating results for the three-month period ended on June 30, 2021.

“Our first quarter revenue exceeded our expectations with sequential improvement of 83% as we delivered innovative products across multiple verticals and expanded our Sprout distribution” said Michael Cammarata, President and Chief Executive Officer of Neptune Wellness. “The executive team recognized more needs to be done to maximize shareholder value, and we asked the Board of Directors to establish a Strategic Review Committee to explore options to accelerate our path to profitability.”

First Quarter Business Highlights

• Neptune’s cannabis brand, PanHash™, was launched in Quebec.
• Neptune announced a multi-year licensing agreement between Sprout^® and CoComelon, the world’s leading children’s entertainment brand, owned and operated by Moonbug Entertainment.
• Neptune announced Mood Ring™ cannabis product launches, including flower, in British Columbia.

Strategic Review Committee
The company’s executive management team asked the Board of Directors to form a Strategic Review Committee to evaluate the company’s business plan, capital deployment, and long-term strategy to identify alternatives to enhance shareholder value. These strategic options could include, but are not limited to, changes in strategy or operations, strategic business combinations, divestitures, or spin off a portion of the company, or continuing to execute the company’s current business plan. Daily Advent