Neptune Technologies & Bioressources announced the appointment of Michel Timperio as President and Melody Harwood as Head of Scientific & Regulatory Affairs of its new Cannabis Business.
Mr Timperio will report to Jim Hamilton, President & CEO of Neptune.
Neptune's next growth phase is focused on repositioning the company into a larger high-growth market segment in the wellness space, in which its scientific, regulatory, manufacturing and commercialisation capabilities can be levered.
The cannabis market fits well with Neptune’s strategy and has been a key area of focus for it beginning with its license application submission in April 2017.
Jim Hamilton, President & CEO of Neptune, said: “Accordingly, we are pleased to announce these new appointments. More specifically, Michel as President brings a great innovative and entrepreneurial spirit, combined with an extensive network of global relationships, to our business development.
“With respect to Melody, her deep regulatory and scientific experience coupled with rigorous management practice will be a great complement to the team. We will continue to focus all of the necessary resources to achieve the full potential of Neptune's Cannabis Business."
In May 2017, the company announced its participation in the creation of the Sherbrooke-based Green Valley Consortium, a strategic partnership of industry and academic stakeholders aimed at facilitating production, research and development of cannabis and related initiatives in the region.
Neptune's application to become a licensed producer is currently under review and security clearance stage.
As part of its strategic business development plan, Neptune's cannabis business is exploring joint venture licensing associations to bring together best in class processes and products to the Canadian market, estimated to represent between $6 billion and $8 billion in sales by 2021 and potentially more globally.
At the end of November, the Neptune intends to present its cannabis business strategy at an investor day to be held in New York City. In upcoming weeks, further details will be disclosed about this event.
