Canada-based cannabis extraction company Neptune Wellness Solutions Inc. (NAS:NEPT) said Friday it has partnered with American Media LLC to provide marketing services for Neptune's brands in the U.S. American Media owns media brands including Us Weekly, Men's Journal and Life & Style. Under terms of the partnership, Neptune will issue American Media 3 million warrants, with each warrant allowing the holder to buy one common Neptune share at an exercise price of $8.00--Neptune's stock closed Thursday at $3.68--with a 5-year expiration. In turn, American Media will provide advertising and creative services to Neptune to support marketing and commercialization of Neptune's brands, including Forest Remedies and OceanO3. Neptune's stock has tumbled 18.2% over the past three months, while the ETFMG Alternative Harvest ETF (PSE:MJ) has plunged 33.9% and the S&P 500 (S&P:SPX) has lost 2.8%.
Oct. 4, 2019, 6:55 a.m. EDT