Neptune Wellness Solutions, a consumer-packaged goods company focused on plant-based, sustainable and purpose-driven lifestyle brands, and its nutraceuticals brand subsidiary, Biodroga Nutraceuticals, entered into an accounts receivable factoring facility and inventory finance rider with Alterna Capital Solutions. The amount available under the facility at any given time is $3 million, which may be increased in $1 million increments up to a maximum of $8 million.

The terms of the facility include a funds usage fee of prime plus 1% with a minimum interest rate of 9.5% per annum. Alterna was granted a security interest in Biodroga’s accounts receivable and inventory.

The agreement will remain in effect for a 12-month period, effective Nov. 8, 2023, and will be automatically renewed. Neptune provided a commercial guaranty in connection with the facility.