Neptune Wellness Solutions Inc. /zigman2/quotes/207537677/composite NEPT -3.38% /zigman2/quotes/203840062/delayed CA:NEPT -2.32% announced Friday an agreement with cannabis company Tilray Inc. /zigman2/quotes/209129655/composite TLRY -0.71% to provide extraction and purification services. Under terms of the three-year agreement, Neptune will receive a minimum volume of 125,000 kilograms of cannabis and hemp biomass to be processed, with the first year expected to represent one-fifth of total volumes. The first shipment is expected to be received in September 2019. "We are thrilled to be working with Tilray, a globally recognized leader in cannabis," said Neptune Chief Executive Jim Hamilton. "The size and length of this contract is a testament to the strength of our commercial, scientific and operations teams." Neptune's stock, which was still inactive in premarket trade, has run up 56% year to date, while Tilray shares have tumbled 49% and the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ -0.46% has climbed 26% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.45% hs gained 13%.
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