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02:22
02:22
 
  • Neptune Wellness Solutions (NEPT) announced the launch of a new CPG-focused strategic plan 
  • The goal is to reduce costs, improve the company’s path to profitability and enhance current shareholder value
  • Michael Cammarata, Chief Executive Officer and President of Neptune sat down with Coreena Robertson to discuss the news
  • Neptune Wellness Solutions is a health and wellness company focused on building a broad portfolio of affordable consumer products
  • Neptune Wellness (NEPT) opened trading at C$0.43 per share

Neptune Wellness Solutions (NEPT) has introduced a new CPG-focused strategic plan.

The goal is to reduce costs, improve the company’s path to profitability and enhance current shareholder value.

Michael Cammarata, CEO and President of Neptune sat down with Coreena Robertson to discuss the news.

“This is the final stage of our transition to a pure play, purpose driven consumer packaged goods company. This strategic divestiture greatly simplifies our overall structure, enabling us to hyper-focus on those areas of the business we believe are best positioned for profitability and growth. Of course, the most difficult part of the company and board making this decision is the impact on our workforce. We are committed to working with those employees to ensure they are supported throughout this transition. I extend my deepest gratitude to each and every person impacted by this decision and thank them for their hard work and dedication to Neptune throughout their tenure.”

“Today’s decision, while difficult, is a step that is necessary to best position Neptune for long term success,” said Julie Phillips, Neptune’s Chair of the Board. “Together with management, the Board has worked carefully to explore all possible avenues and we are confident that the decision to exit the Canadian cannabis sector and realign focus on our consumer goods brands is the best next move for both the company and its shareholders.”

Neptune Wellness is a health and wellness company focused on building a broad portfolio of affordable consumer products.

Neptune Wellness Solutions Inc. (NEPT) opened trading at C$0.18 per share.

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