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Neptune Wellness Solutions (NEPT - Get Report) appointed Michael Cammarata as CEO, replacing Jim Hamilton, who stepped down after running the cannabis company for more than four years.

The Quebec-based pot extraction and purification company said Cammarata over the past 20 years has been a "serial entrepreneur, developing businesses and successfully investing in various sectors such as wellness products, biotechnology, advertising, electronics and entertainment, through his own venture capital and private-equity firm, Random Occurrence." He also is a co-founder of Schmidt's Naturals, which is now a business unit of Unilever.

Cammarata also will join the board of Neptune Wellness.

Cammarata's appointment as CEO is effective Monday. Hamilton will remain an adviser with the company. 

"Michael has extensive executive leadership experience at the forefront of consumer innovation. He has identified new trends and opportunities which led to the development of market-leading products," said John Moretz, chairman of Neptune Wellness. "These critical skills should benefit our customers. Moreover, Michael possesses the right mix of operational CEO experience, leadership skills, and technology industry expertise to help elevate Neptune to the next level."

Shares of Neptune Wellness were rising 0.23% on Monday to $4.44.