Neptune Wellness Solutions Inc. ("Neptune" or the "Company") provided corporate updates and outlook ahead of its participation at the Annual ICR Conference in Orlando, Florida. In light of the new cannabis product forms recently allowed in Canada, Neptune is progressing well to broaden its product offering into turnkey solutions for Canadian License Holders ("LHs"). The Company recently produced and shipped cannabinoid-infused powder sachets to a LH customer. In addition, Neptune, in combination with this LH customer, has completed development of cannabinoid-infused teas and commercial production is expected to start soon. These finished products are manufactured at Sherbrooke facility and several other product forms, including but not limited to, sprays, vape pens, capsules and tinctures are expected to be produced this year. In recent weeks, following the optimization of extraction parameters on Neptune's Phase I CO2 extraction equipment, extraction yields at Neptune's Sherbrooke facility have increased by more than 10% points to reach levels above 95% and allowed the team to increase process throughput. Phase II equipment for ethanol extraction represents an improvement over CO2 extraction and allows to winterize oils through an inline process, eliminating an additional manufacturing step. Management decided to upgrade the coolant system utilized in the Phase II extraction process to be consistent with the Company's standards regarding organic processes and highest possible production standards and is looking at environmentally-friendly alternatives, such as liquid nitrogen, to maintain the intended cold temperatures throughout the manufacturing process. This decision has led to a small delay in reaching Phase II's full extraction capacity. Future capacity utilization will be dependent on market conditions, the pace of growth of the Canadian cannabis market and the success customers have with the rollout of their cannabis 2.0 products. The capacity expansion at Neptune's North Carolina SugarLeaf facility is nearing completion, as expected and on budget. With a second centrifuge installed, Neptune will be able to run multiple batches concurrently, providing more flexibility and reducing downtime. Management is putting the final touches to get the facility ready for a Good Manufacturing Practice ("GMP") pre-inspection audit which should occur in the coming weeks. A GMP certification will enable Neptune to broaden its client base. Recently, the R&D teams from both production facilities collaborated to develop an in-house technology to make a water solubility emulsion of cannabinoids. While testing is still undergoing, the initial stability tests were very positive.