— Neptune Wellness Solutions Inc. (NASDAQ: NEPT) swung to a profit in the third quarter of 2020 from a loss last year, helped by a gain related to a reduction in the fair value of the contingent consideration in connection to SugarLeaf Labs purchase.
— Total revenues jumped by 40% year-over-year to CAD9.18 million. This was driven by the cannabis segment despite a decline in the nutraceutical segment.
— Revenue from the cannabis segment reached CAD2.81 million. The company started the commercial operations of its Cannabis segment in March 2019.
— Revenue from the nutraceutical segment declined by 3% to CAD6.34 million.
— The adjusted EBITDA loss widened from last year, due to the investments made in the cannabis segment to grow the workforce in anticipation of increased sales volume as well as higher salaries and benefits at the corporate level.
— The company launched its hemp-derived wellness products, Forest Remedies and Ocean Remedies, in the US. A similar launch in Canada will be followed once approved by health authorities.
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