Neptune Wellness Solutions Inc. (NASDAQ: NEPT) (TSX: NEPT) announced Wednesday it's pursuing a partnership with International Flavors & Fragrances Inc. (NYSE: IFF) to co-develop hemp-derived CBD products.
Neptune Wellness Solutions is a company that extracts, purifies and formulate health and wellness products. Its wholly-owned subsidiary 9354-7537 Québec Inc. possesses a Health Canada license for processing cannabis.
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"IFF is a well-recognized leader and innovator in taste, scent, nutrition and ingredients and we could not be more excited at the potential of combining the resources of our two organizations to develop plant-based consumer products, including hemp-derived CBD products,” said Michael Cammarata, CEO of Neptune.
“The formulation and technological expertise that IFF cumulates will greatly benefit Neptune in accelerating its market penetration in the U.S. CBD market. This partnership aligns well with our growth strategy of expanding core customers and of supporting consumer packaged goods companies and fragrance houses' expansion into the CBD market."
Neptune’s stock traded higher by 8.9% to $3.90 per share in Wednesday's pre-market session.
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