Neptune Wellness Archives - Green Market Report

Debra BorchardtApril 10, 2023


Neptune Wellness Solutions Inc. (NASDAQ:NEPT) has left the cannabis industry and the relief from that decision was evident in the company’s recent earnings transcript.  Chief Financial Officer Raymond Silcock said, “The cannabis business represented an untenable regulatory environment that was built on the expectation of deregulation. And by divesting this business, we have removed some of the obstacles in our path to profitability.” Neptune sold its cannabis business for C$5.15 million.

Instead of cannabis, the company is focusing on Sprout, its leading organic children’s food and snack brand. The company noted that Sprout has a successful partnership with Walmart with the sell-through of the half-pallet seasonal display reaching 75% in eight weeks. Sprout is also continuing its successful expansion into Canadian retailers, recently launching into Loblaws, the largest grocer in Canada.

Speaking Truth

CEO Michale Cammarata stated, “Operating a business with such a highly controlled substance was prohibitively expensive from an administrative standpoint, and we are already seeing the benefits from this decision. The sale included the cannabis plant in Sherbrooke, Quebec, and the cannabis brands, allowing us to gain significant cost savings and operational streamlining from redirected resources towards a simplified CPG forward corporate structure.”

Like many in the cannabis industry, Neptune noticed that as soon as it left cannabis doors began to open.  Silcock said, “By divesting the cannabis assets, we have also been able to build better relationships with investors, other corporations, and banks, many of whom have restrictions against working with companies that own and/or operate cannabis businesses. This has already proved fruitful. We were able to close on a debt financing deal of $4 million and up to $5 million accounts receivable factoring facility in Sprouts and equity financing amounting to approximately $6 million.”

Sales Drop

Neptune did acknowledge that its sales had fallen as a result of divesting the cannabis business. However, when the company backed out of the cannabis portion of the business, sales had actually increased by 8%.



StaffOctober 17, 2022


The Daily Hit is a recap of cannabis business news for Oct. 17, 2022.


Cantor Ranks Potential M&A Cannabis Targets

The cannabis M&A market may be on pause for now as companies cross their fingers for some sort of banking relief. “Uncertainty around SAFE Plus will probably delay M&A activity until after the lame duck session,” noted Cantor Fitzgerald analyst Pablo Zuanic. With the blowup of the Verano and Goodness Growth deal last week, Zuanic offered a look at what he thinks are potential targets for acquisition going into the fourth quarter. Read more here.

Neptune Wellness Gets Out of Cannabis Biz

Neptune Wellness Solutions (Nasdaq: NEPT) is selling its cannabis business to PurCann Pharma for C$5.15 million to be paid in cash. PurCann Pharma is 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. Read more here.

Turning Point CEO Out After 10 Months, Guidance Lowered

Turning Point Brands (NYSE: TPB) appointed long-tenured company executive Graham Purdy as CEO and board director on Monday, replacing Yavor Efremov after he resigned as CEO and director. Efremov officially took on the mantle if CEO in January 2022. The company also lowered its guidance for 2022 sales, in conjunction with posting third-quarter financial results. Read more here.

Cautionary Tale of Local Control, Red Tape, and Too Few Cannabis Retailers

As it enters the final stages of development, New York state regulators may want to take heed of how California’s heavy-handed regulatory and tax approach to legal cannabis has led to an out-of-control underground market – at least if the East Coast wants to avoid a similar fate. Read more here.


Flower One

Flower One Holdings (CSE: FONE) (FSE: F11), the Canadian parent company of a cannabis cultivator and producer in Nevada, authorized the Canadian company and its Canadian subsidiaries to seek protection from the Supreme Court of British Columbia pursuant to the Companies’ Creditors Arrangement Act. Flower One is seeking to appoint PricewaterhouseCoopers. as the court appointed monitor as it undergoes restructuring. Read more here.

Pacific Banking Corp

A cannabis-friendly banking firm is urging a California court to issue a stay on claims that it failed to pay taxes on behalf of one of its clients, resulting in millions in penalties, saying that because the CEO has been indicted and is now in federal custody, he cannot appear to testify at an upcoming hearing. Read more here.

StaffJuly 8, 2022


Neptune Wellness Solutions Inc. (NASDAQ: NEPT) (TSX: NEPT) announced its financial results for the fourth quarter and full-year ending March 31, 2022. The fiscal fourth-quarter revenue totaled $11.5 million, an increase of 147% versus $4.7 million for the same period the year prior. However, it was a big drop from the company’s fiscal third-quarter revenues of $18 million.  Neptune also trimmed its fourth-quarter net loss to $36.2 million versus a net loss of $43.5 million for the same quarter in 2021.

Full Year Results

Neptune reported that its fiscal year 2022 revenue totaled $48.8 million, an increase of 37.8% as compared to $35.4 million for the same period the year prior. The company also cut its fiscal year 2022 net loss to $84.4 million versus a net loss of $124.3 million for the fiscal year 2021. The company noted that it announced further reductions in corporate overheads by expanding in-house legal capabilities.

The company had announced in June that it was launching a new Consumer Packaged Goods (CPG) focused strategic plan to reduce costs, improve the company’s path to profitability and enhance current shareholder value and that it was also selling its Canadian cannabis businesses. The sale of the cannabis business includes the sale of the Mood Ring and PanHash brands, along with the company’s Sherbrooke, Quebec facility, in one or more transactions. The value of the facility was recently appraised at C$21 million by a third-party appraisal company. In order to accelerate its cost savings, Neptune said that the divestiture of this business will result in savings of $4.4 million.

“Neptune made significant progress on our path to become a pure-play CPG company, with growth year-over-year and positive momentum in our key focus areas of Sprout and Biodroga during the fourth quarter. We expect this trend to continue into our fiscal 2023, with both Sprout and Biodroga continuing to expand their existing popular product offerings, as well as releasing new product lines that cater to different customer groups.”

Since the year ended, Neptune announced the appointment of Raymond Silcock as Chief Financial Officer. and launched a new line of CoComelon co-branded organic snack bars.

“Neptune’s management and Board have made several strategic decisions recently that we believe are in the best interest of the company and its shareholders. In particular, significant cost saving initiatives, the planned divestiture of our cannabis business, and a refocusing of resources on our renewed mission of becoming a leading CPG company. In addition, we have continued our strategic review to help identify further synergies and cost savings. We are looking forward to the next phase for Neptune as we seek to capitalize on our large target addressable markets of personal care & beauty and organic food & beverages, which we believe have the most exciting growth potential. We remain steadfast in our goal to deliver on profitability and shareholder value.”

The company also noted that it has been granted a 180-day extension by NASDAQ in order to meet the minimum bid requirement.

StaffJune 9, 2022


The Daily Hit is a recap of the top cannabis business stories for June 9, 2022.


Cannabis Tech Company Canix Raises $10M

Cannabis seed-to-sale platform company Canix raised $10 million in funding from venture capitalists.  Canix launched in 2019 from Y Combinator and, in 2020, won TechCruch Disrupt Startup Battlefield. Both founders were also featured in Forbes 30 Under 30. Since then, Canix has expanded to serve 2,300 licenses across 15+ states and 6 countries. “This is a huge milestone for us. Our goal has always been to help businesses in the cannabis industry thrive,” said Stacey Hronowski, Co-Founder and CEO of Canix. Read more here.

Neptune Wellness is Selling its Canadian Cannabis Business

Neptune Wellness Solutions Inc.  (NASDAQ: NEPT) (TSX: NEPT) announced the launch of a new Consumer Packaged Goods (CPG) focused strategic plan to reduce costs, improve the company’s path to profitability and enhance current shareholder value. Neptune is also selling its Canadian cannabis businesses. Read more here.

4Front Names Keith Adams as New CFO

4Front Ventures Corp.(CSE: FFNT) (OTCQX: FFNTF) has made several C-suite changes including a new Chief Financial Officer, Executive Vice President, General Counsel, President of California Operations, and two additional Board members. Andrew Thut, who served as an interim chief financial officer, will remain in his original capacity as a chief investment officer for the 4Front. Read more here.


TILT Holdings Inc.

TILT Holdings Inc. (NEO:TILT) (OTCQX: TLLTF), a global provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development and retail, today announces the results of the annual general and special meeting of shareholders of TILT held virtually on Thursday, June 9, 2022. Read more here.

Allied Corp.

Allied Corp. (OTCQB: ALID) announced the execution of the agreement that was announced in the April 27 press release announcing the signing of a forward purchase agreement with a distributor for a specialty medical care hospital, based out of Sao Paulo, Brazil. Read more here.

Bia Diagnostics

Bia Diagnostics, an ISO 17025 accredited laboratory and global leader in food and nutraceutical analysis since 2007, has become the first analytical lab in the state of Vermont to be licensed for adult use cannabis, and is currently accepting samples at their 480 Hercules Drive, Colchester, Vermont location. Read more here.

Debra BorchardtJune 9, 2022


Neptune Wellness Solutions Inc.  (NASDAQ: NEPT) (TSX: NEPT) announced the launch of a new Consumer Packaged Goods (CPG) focused strategic plan to reduce costs, improve the company’s path to profitability and enhance current shareholder value. Neptune is also selling its Canadian cannabis businesses.

The sale of the cannabis business would include the sale of the Mood Ring and PanHash brands, along with the company’s Sherbrooke, Quebec facility, in one or more transactions. The value of the facility was recently appraised at C$21 million by a third-party appraisal company. In order to accelerate its cost savings, Neptune said it will focus on winding up its cannabis operations pending a transaction.


This divestiture will result in a 50% reduction in workforce, over 30% reduction of total payroll costs and an estimated annual cost savings of C$5.8 million. In addition, the company said it expects to see additional cost savings from corresponding reductions in corporate overhead costs and professional fees.

“This is the final stage of our transition to a pure play, purpose driven consumer packaged goods Company. This strategic divestiture greatly simplifies our overall structure, enabling us to hyper-focus on those areas of the business we believe are best positioned for profitability and growth,” said Michael Cammarata, President and CEO of Neptune. “Of course, the most difficult part of the Company and Board making this decision is the impact on our workforce. We are committed to working with those employees to ensure they are supported throughout this transition.”

Finally, the exit of the Canadian cannabis business may impact the amount and structure of financing the company is currently seeking. It is expected to reduce the amount of financing the company seeks, given a lower anticipated expense structure, along with anticipated cash inflows from the planned divestiture. Additionally, the divestiture is expected to facilitate working with a broader set of financing sources – including traditional banks and financial institutions that have policies restricting dealing with businesses exposed to regulated cannabis operations.

Sprout Organics

As part of the company’s renewed focus on its CPG brands and Sprout Organics, in particular, Neptune announced Sarah Tynan, current Sprout Chief Customer Officer, is promoted to CEO of Sprout, effective immediately. Tynan has been instrumental in garnering big distribution gains for Sprout, including Walmart and Target, and leading the highly successful CoComelon partnership.

StaffAugust 12, 2021


Neptune Wellness Solutions Inc.(NASDAQ: NEPT) (TSX: NEPT) delivered its financial and operating results for the first-quarter ending on June 30, 2021 as revenues rose slightly to $12.4 million versus $11.2 million in the fiscal year 2021. Neptune said it exceeded its pre-announced revenue range of $10 to $12 million. First-quarter revenues of $12.4 million increased 83% versus revenues of $6.8 million in the fourth quarter of the fiscal year 2021. Still, Neptune delivered a net loss of $23 million versus last year’s net loss of $11.4 million for the same time period.

Despite the company’s ability to bring in revenue, the executive management team said it had 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 of a portion of the company, or continuing to execute the company’s current business plan.

“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.”

Gross profit loss of $2.9 million or (23.0%) compared to gross profit of $3.3 million or 29.0% for the comparable period in fiscal 2021. By excluding from costs of sales: depreciation and amortization expenses, various fixed and indirect costs, as well as costs related to SugarLeaf, a consolidated gross profit of 13% could be derived, a positive difference of 36 percentage points when compared to the 23% gross profit loss of the quarter. The adjusted EBITDA loss was $15.9 million compared to an Adjusted EBITDA loss of $2.5 million in the comparable period in fiscal year 2021.


StaffFebruary 17, 2021


Neptune Wellness Solutions, Inc.  (NASDAQ: NEPT) (TSX: NEPT) said has entered into an agreement with institutional investors for the purchase of 27,500,000 common shares that will bring the company gross proceeds of approximately $55.0 million before deducting fees and other estimated offering expenses. Neptune said it expects to use the net proceeds for working capital and other general corporate purposes. The Offering is expected to close on or about February 19, 2021.

A.G.P./Alliance Global Partners is acting as the sole placement agent for the Offering. This follows a separate announcement that the company terminated its “at-the-market” equity offering program with Jefferies, LLC as a sales agent. “The termination of the ATM Offering is effective as of February 16, 2021 and Neptune will make no further sales under the ATM Offering. As of the date of this announcement, Neptune had sold 9,570,735 of its common shares under the ATM Offering, raising approximately US$18.6 million in gross proceeds.”

Weak Quarter

This comes on the heels of a weak fiscal third-quarter report. The company said it had total revenues for the three-month period ending December 31, 2020, of $3.3million, a decrease from $9.1 million for the three-month period ended December 31, 2019. The net loss was $73 million compared to net income of $5 million for the three-month period ended December 31, 2019. Included in the net loss for the quarter ended December 31, 2020 is a $35 million impairment of goodwill and a $2 million impairment of property, plant and equipment and right-of-use assets related to the acquisition of SugarLeaf in July 2019. In addition, the net loss also includes accelerated amortization of $13 million also related to the SugarLeaf acquisition.

“The third quarter represented a pivotal point in Neptune’s transformation to a B2C provider of plant-based health and wellness products. I am excited about the prospects and opportunities ahead for Neptune as we transition to a branded consumer-packaged-goods company and the endless possibilities that come with that: from M&A, to the development of new products that disrupt traditional consumption habits, and of course, the cannabis movement in the United States. We are very encouraged by the recent comments of Senate Majority Leader Chuck Schumer (D-NY). The success of our recent launch of Mood Ring™ in British Columbia with rapid sell-through at the retail level reinforces our confidence.”

The company said in a statement, “During the third fiscal quarter, Neptune substantially completed its strategic transition from extraction of hemp and cannabis to the production and sale of consumer-packaged goods and branded products. Neptune believes the shift to consumer-packaged goods and branded products will ultimately result in higher margins and lower risk and will enable the company to generate positive adjusted EBITDA sooner than in its prior B2B model. In addition, the transition has allowed Neptune to prepare logistics to build scale and situated the Company for accelerated growth.”


Debra BorchardtNovember 16, 2020


 Neptune Wellness Solutions Inc. (NASDAQ: NEPT) (TSX: NEPT) reported revenue increased 155%  sequentially to $28 million for the second quarter ending September 30, 2020.  Revenues in the first quarter were restated to $11.2 million. It was a big jump over last year’s total revenues of $6 million for the 2019 second quarter. The stock was jumping over 15% in after hours trading to sell near $2.18.

The company delivered a net loss $21 million slightly more than last year’s net loss of $20 million. All figures are canadian dollars unless otherwise stated.

“I am pleased with our strong top line growth and the successful strategic investments we made during the second quarter of fiscal 2021,” said Michael Cammarata, Chief Executive Officer of Neptune. “We are on track for our CPG products to exceed 70% of our revenues in the third quarter of fiscal 2021 and expect this segment of our business to continue to generate very strong growth. The investments and operating efficiencies we implemented in the first and second quarters of fiscal 2021 and will continue to make in the third quarter of 2021, have us well positioned to begin realizing the tremendous revenue from our purchase orders to come.  These orders combined with the growth of our other areas will drive profitable accretive growth with limited incremental capital investment, ultimately driving higher margins and higher returns.”

On a positive note, Neptune said it has received over US$100 million in purchase orders for its Biodroga and Innovations divisions.  The purchase orders come from six different Neptune clients and the booked sales of about $100 million are scheduled to ship in the next 2 quarters. A company spokesman said, “We remain committed to increasing shareholder value as well as confidence and these Purchase Orders are evidence that our B2B and B2C dual go-to-market strategy to serve consumers at both wholesale and retail levels, is yielding consistent, long-term revenue opportunities.” It should be noted, however, that the purchase orders are not guaranteed, and there is no certainty that all of the orders will be completed or that they will be fulfilled in their entirety.

C-Suite Changes

Neptune also announced in a company statement that David Myers, who was previously Chief Operating Officer, recently left the company for personal reasons. Dr. Toni Rinow has been appointed as Global Operating Officer in addition to her current role as Chief Financial Officer, effective immediately.  Dr. Rinow has been instrumental in increasing efficiencies and future profitability across Neptune’s business units, reducing its headcount by 25% to focus on forward-thinking initiatives and to accelerate growth with less focus on long-term, asset heavy investments.

Dr. Toni Rinow , Chief Financial Officer and Global Operating Officer of Neptune, added: “During the second quarter we saw continued growth to our top line while we made additional strategic investments in the future of the Company and in our distribution channels. These investments were an important steppingstone into the next phase of growth. Moving into the back half of fiscal 2021 we are sufficiently capitalized and well positioned to deliver on  growth in purchase orders in the fourth fiscal quarter of 2021 and as we move into the first half of fiscal 2022. We remain focused on innovation that will continue to help customers, from the time they wake up to when they go to sleep.”


Neptune  restated its previously filed condensed consolidated interim financial statementsthe first quarter ending June 30, 2020 with respect to recognition of revenue relating to one transaction that was initially recognized at the gross amount and was restated to present the net amount of the transaction. There is no impact on the net loss in the condensed consolidated interim statement of loss and comprehensive loss resulting form this restatement. The restatement of the June 30, 2020 interim statements includes management’s conclusion that Company’s internal control over financial reporting (“ICFR”) was not effective as at June 30, 2020 , due to the existence of a material weakness in its design and the Company’s plans to remediate such weakness.





Debra BorchardtFebruary 13, 2020


Neptune Wellness Solutions Inc.  (NASDAQ: NEPT) (TSX: NEPT) announced its financial results for its fiscal third-quarter ending December 31, 2019. Total revenues for Neptune were $9.1 million, a sequential increase of $2.6 million or 41% over the second quarter ended September 30, 2019. This was also an increase of $2.6 million or 40% compared to $6,538 for the three-month period ended December 31, 2018.

Revenues from the cannabis segment reached $2.8 million, an increase of $1.5 million sequentially from the three-month period ended September 30, 2019. Neptune started the commercial operations of its Cannabis segment in March 2019 and had no revenues in the prior-year period ended December 31, 2018.

Making Money

Net income was $5.6 million for the quarter versus a net loss of $3.6 million for the same time period in 2019. The transition from net loss to net income is due to a gain of $64.5 million related to a reduction in the fair value of the contingent consideration in connection to the acquisition of SugarLeaf Labs. The company stated that this gain was partly offset by an impairment of goodwill of $44 million related to SugarLeaf.

CEO Michael Cammarata said: “Since I joined the company six months ago, we’ve had to reassess all facets of our business plans. It quickly became apparent that there were several operational challenges that needed to be addressed immediately. Our revenue growth of 41% sequentially is a solid testament to this, considering the current cannabis and hemp environment. While our profitability this quarter was short of our expectations due to the slower than expected ramp-up of our Phase II cold ethanol production process and industry factors beyond our control, we are setting up our long-term success by expanding our channel strategy with an increased focus on end clients, in Canada and the US.”

Revenues from the Nutraceutical segment for the three-month period amounted to $6.3 million, representing an increase of 23% sequentially, over the second quarter ended September 30, 2019, and a slight decrease of $202 or 3% compared to $6.5 million for the three-month period ended December 31, 2018.

Cammarata went on to add, “The US launch today of our Forest Remedies and Ocean Remedies products is a significant step forward in expanding our footprint and brand equity and will be followed by a similar launch in Canada, once approved by health authorities. The Forest Remedies hemp-derived wellness products include ingestibles in soft gel and extract forms, topical balms, massage oils, and a pet soother. We are also launching an essential oil and aromatherapy line that we developed in collaboration with our partner, International Flavors & Fragrances. Despite a slightly slower than anticipated ramp-up on the production side and changes to planned capacity expansion, we are building the foundation for this company for many years to come. I am excited about the future prospects, in particular the launch and significant potential of our consumer brands.”

Canada 2.0

Neptune said it had identified underserved segments of the Cannabis 2.0 products in Canada. “There is currently limited availability of cannabis concentrates on the market and Neptune intends to fill that void by expanding its production capabilities to produce these cannabis derivatives and other niche product forms. Neptune is exploring the potential to diversify its extraction capabilities to include solvent-less and hydrocarbon extraction methods, which are well suited to produce high-quality cannabis concentrates.”


StaffNovember 11, 2019


Neptune Wellness

Neptune Wellness Solutions Inc.  (NASDAQ: NEPT) (TSX: NEPT) stock fell over 6% to $3.32 after the company reported a decrease in sales. Neptune reported total revenues for the second quarter ending September 30, 2019, amounted to $6.5 million, representing an increase of 49% over the first quarter but a decrease of 8% versus last year’s $7 million for the same time period. The decrease in revenues was attributed to the timing of orders in the nutrition business.

The company also delivered a net loss of $20 million versus last year’s net loss of $3 million. The company blamed the increase in losses to an increase in stock-based compensation expense, depreciation and amortization and to accretion expense on contingent consideration combined with a lower adjusted EBITDA.

The adjusted EBITDA was a loss of $4.5 million versus a loss of $1.2 million last year. The increased Adjusted EBITDA. loss is due to investments made in the cannabis segment to grow the workforce in anticipation of increased sales volume as well as an increase in salaries and benefits at the corporate level. “The decrease can also be explained by an increase in litigation legal fees and additional SG&A coming from SugarLeaf,” read the company statement.

“We achieved a significant milestone in mid-October when we completed our Phase II capacity expansion. This additional capacity will alleviate our constraints in the near-term and help accelerate the company’s revenue growth in the cannabis segment. However, the start-up of our ethanol process has been longer than initially expected which has delayed the full ramp-up by one month to the end of December. With regards to our CO2 operations, we have been running seven days a week since the end of July and we are pleased with our yields and quality of extracts.” Said Stephen Lijoi, VP Operations.

Medicine Man

Medicine Man Technologies, Inc. (OTCQX: MDCL) delivered total revenue in the third quarter of $5,338,868, an increase of approximately 14% compared to revenues of $4,672,519 in the quarter ended September 30, 2018. Strong product sales and litigation revenue in the most recent quarter offset a one-time licensing sale in the same quarter of 2018. Unfortunately, Medicine Man reported net losses of $1,827,978 or five cents per share, versus last year’s net income of $4,950,601, or $0.18 per share.

“The third quarter of 2019 was a transformational one for the Company,” said Mr. Andy Williams, Co-Founder and Chief Executive Officer of Medicine Man Technologies. “We reported seven additional proposed acquisitions, bringing our total to 12 pending acquisitions, we filled a key leadership role within the Company and saw positive initiatives in the industry both locally and federally, which strengthened our industry-leading position. In looking at our operations related to the consulting services and our products, the continued positive trends we see in the third quarter are encouraging, as both grew at double-digit percentage growth rates.”

Operating expenses grew to $3,478,232 as compared to $1,842,954 for the same period in 2018. The increase was primarily attributable to non-cash, stock-based compensation and costs associated with activities related to building an infrastructure to ensure seamless integration of the company’s numerous pending acquisitions and to help build the proper platform for sustainable growth.

The company’s cash balance on September 30, 2019, was $15,204,587 as compared to $529,674 on September 30, 2018. The increased cash position was due primarily to the equity investment by strategic partner Dye Capital & Company.



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