While some companies scramble to meet the demand of stir-crazy potheads, Neptune Wellness Solutions Inc. (TSX & NASDAQ: NEPT) has pivoted its operations to service an even bigger market.
The international extractor said in a statement Thursday that it’s now producing over a million units of hand sanitizer per week.
Neptune reacting handily to the COVID-19 situation was not lost on investors, who pumped Neptune’s stock by over 25 per cent on the day to $3.36 at publication time.
“Neptune has executed on scaling up hand sanitizer production ahead of schedule to rapidly increase critical supply and meet market demand driven by the COVID-19 pandemic,” the company said in the statement. “This scale up will allow Neptune to meet strong demand from its North American retail and government customers, and begin shipping product next week, including fulfilling a purchase order from a large North American retailer.”
We have executed on scaling up hand sanitizer production ahead of schedule to rapidly increase critical supply and meet market demand driven by the COVID-19 pandemic. This scale up will allow us to meet demand from our retail and government customers.https://t.co/0Q6hkPxtrG $nept pic.twitter.com/BItAjgJ1sw
— Neptune Wellness Solutions (@Neptune_corp) April 23, 2020
Neptune said earlier in April that it sent a submission to the U.S. Food and Drug Administration to register its North Carolina extraction facility as an over-the-counter drug manufacturer. The company said the change would allow it to produce its alcohol-based hand rubs under the FDA’s temporary COVID-19 policy.
CEO Michael Cammarata said in today’s statement that he’s proud of his team’s ability to mobilize their collective expertise to bring these novel products to market.
“We are rapidly responding to the needs of North Americans and playing a key role in meeting customer demand for safe and effective hand sanitizer to help prevent the spread of germs and protect consumer health,” he said.
Other businesses, like The Valens Company (TSX. VLNS), have taken a charitable approach by donating hand sanitizer and personal protective equipment to frontline workers.
Top image via Neptune Wellness