On October 17, 2022, Neptune Wellness Solutions announced it had entered into a binding agreement to sell its cannabis business to PurCann Pharma Inc., a subsidiary of Groupe SiliCycle, a Quebec based company with over 27 years of experience with extracting and purifying active ingredients from natural biomass, for $5.15 million, to be paid in cash. Neptune’s cannabis business includes its cannabis plant in Sherbrooke, Québec, its Mood Ring and PanHash brands, and related assets.
Neptune Wellness Solutions specializes in the extraction, purification and formulation of health and wellness products.
Osler, Hoskin & Harcourt LLP advised Neptune Wellness Solutions with a team consisting of François Paradis, Bastien Gauthier, Jean-Phillipe Bertrand, Samuel Cantin (Corporate/M&A) and Susan Newell (Health).