Neptune Technologies & Bioressources Inc., Laval, Québec, has appointed 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 corporation into larger high-growth market segments in the wellness space, in particular where scientific, regulatory, manufacturing, and commercialization capabilities can be levered. The company said the cannabis market fits well with its strategy and has been a key area of focus beginning with its license application submission in April 2017.
 
“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,” said Jim Hamilton, president & CEO of Neptune. “We will continue to focus all of the necessary resources to achieve the full potential of Neptune’s cannabis business.” 
 
Mr. Timperio added, “Having been with Neptune since its inception, I am thrilled with the opportunity this market presents. I look forward to contributing to our new cannabis business which we believe could generate considerable value for the corporation.”
 
In May 2017, the corporation announced its participation in the creation of the Sherbrooke-based Green Valley Consortium, a strategic partnership of industry and academic stakeholders aimed to facilitate production and research and development of cannabis and related initiatives in the region. Neptune’s application to become a licensed producer is currently at the 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 corporation intends to present its cannabis business strategy at an investor day to be held in New York, NY. In upcoming weeks, further details will be disclosed about this event.