June 12, 2019, 6:48 a.m. EDT

Neptune Wellness' stock soars again after another 3-year extraction deal with a cannabis company

Shares of Neptune Wellness Solutions Inc. (NAS:NEPT) (TSE:CA:NEPT) 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. (OTC:TGODF) (CNQ:CA:TGOD) . 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. (NAS:TLRY) , 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 (PSE:MJ) has lost 11.0% and the S&P 500 (S&P:SPX) has gained 3.4%.

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Neptune Wellness stock gains after another 3-year cannabis extraction deal

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