Neptune to offer turnkey hemp solutions19 Apr 2019
Neptune Wellness Solutions has announced that its Solutions Business has begun offering turnkey product development solutions with hemp-derived ingredients to business customers in the United States.
A U.S.-based supply chain of licenced hemp extract producers has been established, and initial purchase orders are now being processed.
"The U.S. market for hemp is developing rapidly and represents a significant opportunity for the consumer products industry. Neptune is now offering products and services to American brands that want to create a unique hemp-based portfolio, with products made exclusively in the U.S. for the U.S.," said Jim Hamilton, President and CEO of Neptune.
According to Neptune, the passage of the 2018 Farm Bill in 2018, and simultaneous acknowledgment by the U.S. Food and Drug Administration (FDA) of the Generally Recognized As Safe (GRAS) status of three hemp seed-derived ingredients, fuelled the already heightened consumer demand for hemp products, and specifically, hemp extracts.
Although the U.S. FDA is currently deliberating their approach on how consumer products containing hemp-derived CBD will be regulated, and the United States Department of Agriculture (USDA) is in the process of developing regulations governing the production of hemp in the U.S., numerous companies are initiating product development strategies to meet demand for these products once a clear path to market is provided by the regulatory agencies.
Neptune intends to operate its activities in compliance with applicable state and federal U.S. laws.
"Neptune's advantage lies in the strength of its supply chain and its strict quality systems. Our strategic alignments with key hemp providers combined with our scientific and technical expertise allows us to offer U.S. customers a broad array of products and services that will help meet the demands of consumers," Hamilton added.
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