A Canadian supplements supplier is teaming up with a powerhouse in the flavorings and scents industry to focus on aromatherapy and topical products.
Neptune Wellness Solutions, based in Laval, Quebec, makes cannabinoid oils and fish-oil supplements. The company recently stated that it is $24 million in stock warrants to International Flavors and Fragrances for their partnership. IFF, based in New York is part of the S&P 500 and makes flavors, fragrances, and cosmetic actives. The companies are looking to launch a line of CBD products under the Forest Remedies brand.
The plan that Neptune has formulated is to combine the company’s hemp extraction knowledge with IFF’s intellectual property concerning essential oils. Forest Remedies is hoping to launch its products in the first half of 2020. The line will have products in the cosmetics, personal care, and home care markets.
Neptune came to the $24 million dollar total by issuing 2 million stock warrants to IFF at $12 each with a five-year expiration date. Neptune is making many hemp investments this year. They acquired Sugarleaf labs out of Conover, North Carolina in May for a total of $150 million in a combination of cash and stock.
Neptune reported $4.9 million in revenue last quarter.