Shares of Neptune Wellness Solutions Inc. /zigman2/quotes/207537677/composite NEPT -3.75% /zigman2/quotes/203840062/delayed CA:NEPT -2.99% shot up 11% toward a record high in premarket trade Wednesday, after the Canada-based extraction and purification company announced a 3-year agreement with cannabis company Green Organic Dutchman Holdings Ltd. /zigman2/quotes/204266798/delayed TGODF +0.43% /zigman2/quotes/229419907/delayed CA:TGOD 0.00% . Under terms of the agreement, Green Organic will supply more than 230,000 kilograms of cannabis and hemp biomass to Neptune, which will extract and purify cannabinoids and terpenes, to be transformed into organic finished products. The first shipment of biomass is expected to be received in September 2019. The deal comes less than a week after Neptune announced a 3-year extraction and purification agreement with cannabis company Tilray Inc. /zigman2/quotes/209129655/composite TLRY -4.15% , that sent Neptune's stock to a record close on Friday. Neptune's stock has rallied 39.3% over the past three months while Green Organic shares have shed 20.5%, the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ -2.94% has lost 11.0% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.11% has gained 3.4%.
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Neptune Wellness stock gains after another 3-year cannabis extraction deal