It’s true that some of the largest cannabis companies in the industry get the most amount of attention. Some companies fly completely under the radar. One such company is marijuana penny stock NeNeptune Wellness Solutions Inc (NEPT Stock Report).
Cannabis Penny Stock NEPT Outperforms
Neptune has been one of the biggest cannabis stock gainers during the first half of 2019. NEPT stock shot up by as much as 72%. In addition to that, the company’s stock performance beat the returns of some of the biggest marijuana stocks. These included Aurora Cannabis stock price (ACB Stock Report), Cronos Group stock price (CRON Stock Report) and Canopy Growth stock price (CGC Stock Report), which rose by 57.7%, 53.8%, and 50% respectively this year.
The company used to primarily focus on nutraceuticals. But once the cannabis industry started growing, things got interesting. It used its expertise in extraction and purification to enter become a marijuana stock. The switch has proven to be a successful one for the company.
What’s Next For This Marijuana Stock To Watch?
However, the company made the switch back in 2017. But it wasn’t until 2018 that the optimism as a marijuana stock took hold. The major trigger was the announcement from Neptune that it had signed an agreement with cannabis giant, Canopy Growth. The agreement saw Neptune providing extraction and purification services. Considering the sheer size and volume of Canopy Growth’s operation and the range of products that it has, this proved to be a hugely important deal for this pot stock.
In January 2019, Neptune received a cannabis processing license from Health Canada. Two months later, it started sending shipments of extracts from its facility in Quebec. This year has been a particularly eventful year for the company as well. It signed two more extraction agreements in June. The first was with Tilray (TLRY Stock Report) and the second was with The Green Orange Dutchman, which was regarded as the largest cannabis extraction deal in Canada that has been announced publicly.
