Please ensure Javascript is enabled for purposes of website accessibility

Ex-MediPharm Labs COO Moves to Neptune Wellness Solutions

By Eric Volkman - Mar 10, 2020 at 8:33AM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

David Mayers is joining the busy cannabis extraction company.

Neptune Wellness Solutions (NEPT 0.71%) has hired a new chief operating officer: David Mayers joins its C-suite after a stretch in the same role at fellow cannabis extraction specialist MediPharm Labs (MEDIF 7.52%).

Appropriately for both Neptune and MediPharm, both of which focus on the science of cannabis, Mayers has a background in the pharmaceutical industry.

Prior to his stint at MediPharm, which ran from September 2018 to August 2019, according to his LinkedIn profile, he worked in high-level managerial positions at various privately held companies in the sector and in businesses related to it, including a period as CEO of Impopharma.

In the press release announcing Mayers' appointment, Neptune said that he "will play a critical role in implementing new systems and processes to drive Neptune's operational excellence."

Marijuana leaves and bottles of derivative product.

Image source: Getty Images

Among marijuana companies, extraction services providers like Neptune (and MediPharm) are rather scarce on the stock exchange. They have attracted some investor interest of late due to the rollout of the Cannabis 2.0 legalization phase in Canada, which made cannabis derivative products such as gummies and chocolates legal for recreational use.

Both Neptune and MediPharm are headquartered in Canada, although last summer, Neptune acquired North Carolina-based SugarLeaf. The $18 million cash-and-stock deal for the company, which has significant extraction capacity, gave Neptune a notable asset in the U.S. This positions it to better take advantage of opportunities in this market for cannabidiol (CBD) products.  

On Monday, Neptune's stock followed the broader market downward, falling by just over 20% on the day. 

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Neptune Wellness Solutions Inc. Stock Quote
Neptune Wellness Solutions Inc.
NEPT
$1.41 (0.71%) $0.01
MediPharm Labs Corp. Stock Quote
MediPharm Labs Corp.
MEDIF
$0.06 (7.52%) $0.00

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
316%
 
S&P 500 Returns
112%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 07/03/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.