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Nov. 20, 2019, 8:54 a.m. EST

Neptune Wellness and Canopy Growth agree to amend terms of cannabis processing deal

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By Ciara Linnane

Neptune Wellness Solutions Inc. /zigman2/quotes/207537677/lastsale NEPT -6.94% said Wednesday it has reached a mutual agreement with Canopy Growth Corp.s /zigman2/quotes/200603886/lastsale CGC -1.15% /zigman2/quotes/202205609/delayed CA:WEED -1.72% to amend and restate their cannabis processing agreement. The parties have agreed to an amended schedule of processing volumes committed to Neptune by Canopy and to the removal of certain preferential rights granted Canopy related to Neptune's capacity and pricing. "Effective June 30, 2020, volume and pricing will be negotiated between the two parties based on market conditions," Neptune said in a statement. The 3-year term of the deal remains intact. "As a result of the revised terms, Neptune expects to reduce its client concentration risk and diversify its customer base," said the statement. Neptune shares were up 2.2% premarket. Canopy was up 6.4%, but remains down 43% in 2019, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/lastsale MJ -2.43% has fallen 33% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.55% has gained 24.5%.

Read the full story:
Cannabis companies rally for a second day ahead of historic vote that would lift federal ban on weed

/zigman2/quotes/207537677/lastsale
US : U.S.: Nasdaq
$ 1.21
-0.09 -6.94%
Volume: 229,501
March 30, 2020 10:26a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$123.44 million
Rev. per Employee
N/A
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/zigman2/quotes/200603886/lastsale
US : U.S.: NYSE
$ 14.42
-0.17 -1.15%
Volume: 1.52M
March 30, 2020 10:26a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.10 billion
Rev. per Employee
$115,039
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/zigman2/quotes/202205609/delayed
CA : Canada: Toronto
$ 20.03
-0.35 -1.72%
Volume: 651,075
March 30, 2020 10:12a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$7.13 billion
Rev. per Employee
$150,142
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/zigman2/quotes/204332491/lastsale
US : U.S.: NYSE Arca
$ 11.83
-0.30 -2.43%
Volume: 187,217
March 30, 2020 10:25a
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/zigman2/quotes/210599714/realtime
US : S&P US
2,580.96
+39.49 +1.55%
Volume: 667.29M
March 30, 2020 10:27a
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