Neptune/Michel Timperio/Relevium Connection Neptune makes its recommendations on Bill 157 special consultations at the National Assembly
A Quebec company with unique expertise in oil extraction has global objectives for cannabis
Laval, Qubec, CANADA – January 17, 2018 – Neptune Technologies & Bioressources Inc. (“Neptune” or the “Corporation”) (NASDAQ – TSX: NEPT) is pleased to announce that it will participate in special consultations on Bill 157, regulating cannabis. Michel Timperio, President of the Cannabis Business division at Neptune, will make a presentation on Wednesday, January 17, 2018, at 2:00 p.m., and will table a submission to the Committee on Health and Social Services of the National Assembly in Qubec. It will be possible to listen to the presentation live at https://www.assnat.qc.ca/en/video-audio/en-direct- webdiffusion.html. (in French only).
With the goal of harnessing the potential of its cutting-edge facilities in Sherbrooke and its experience in krill oil production on a global scale, Neptune recently decided to move into cannabis and hemp oil extraction and submitted an application to Health Canada for cannabis oil extraction, in accordance with the Access to Cannabis for Medical Purposes Regulations (ACMPR). As part of this project, Neptune has also announced an investment of $5 million so that its facility in Sherbrooke, which has Good Manufacturing Practice (GMP) certification, can begin extracting cannabis oil in full compliance with regulations.
“Neptune intends to be a very important player in the extraction, refinement, and formulation of cannabis oil both in Quebec and internationally. We are very pleased to be participating in discussions on the legalization of cannabis and to provide assistance to the Quebec government in the establishment of Bill 157. More specifically, we are proud to participate in the reduction of the risks associated with cannabis by prioritizing non-smokable products and promoting products containing CBD,” said Michel Timperio, President of the Cannabis Business division at Neptune.
Neptune plans to extract a range of oils containing tetrahydronaccabinol (“THC”) and cannabidiol (“CBD”), a non-psychoactive component used for medical purposes and in several wellness products to help with sleep, stress management, anxiety and pain, among other uses.
Neptune makes several recommendations for Bill 157 in its submission, including the following:
- To make a distinction between smokable and non-smokable cannabis products, given that oil is considered less harmful because it can be consumed without combustion.
- To reflect the contribution of cannabis oil to harm reduction by reserving a prominent position for oils in branches of the Socit qubcoise du cannabis (SQC) and on its website.