NEPT - Neptune Wellness Solutions to divest cannabis assets for C$5.15M

• Neptune Wellness Solutions ( NASDAQ: NEPT ) on Monday said it would divest its cannabis assets for C$5.15M in a bid to become a pure play consumer packaged goods company.
• The assets includes a cannabis plant in Sherbrooke, Québec and the Mood Ring and PanHash brands, NEPT said in a statement .
• The cannabis assets will be sold to PurCann Pharma, a unit of Quebec based Groupe SiliCycle.
• NEPT said it intends to use the proceeds from the divestiture for working capital and other general corporate purposes.
• The transaction is expected to close on or before Nov. 15.
• NEPT stock +3.5% to $1.47 in premarket trading.

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