Nanaimo, British Columbia–Tilray, Inc., a company that specializes in the research, cultivation, production and distribution of cannabis and cannabinoids, announced that it has entered into an agreement to acquire Manitoba Harvest from Compass Group Diversified Holdings and other shareholders.
Manitoba Harvest, the world’s largest hemp food manufacturer, has products in over 16,000 stores across the U.S. and Canada, according to a press release issued by Tilray. Products include Hemp Hearts, Hemp Oil, Hemp Yeah! granola and protein powder and Hemp Bliss milk. This summer, Manitoba Harvest has plans to launch Hemp Yeah! wellness bars and a line of CBD containing broad spectrum hemp extracts.
According to the announcement, the plan is to grow revenue for both Tilray and Manitoba Harvest while bringing hemp foods and supplements to more consumers in the U.S. and Canada. The release notes that the acquisition will expand Tilray’s product portfolio into the natural foods category while bringing Manitoba Harvest expertise in working with cannabinoids. The companies will work together to develop new CBD wellness products and hemp-based consumer food products.
“Tilray’s acquisition of Manitoba Harvest is a milestone for the cannabis industry,” said Brendan Kennedy, Tilray President and CEO, in the release. “It builds on the strategic partnerships we have formed with consumer brand industry leaders and demonstrates our track record of disrupting the global pharmaceutical, alcohol, CPG, and functional food and beverage categories. We’re excited to work with Manitoba Harvest to develop and distribute a diverse portfolio of branded hemp-derived CBD food and wellness products in the U.S. and Canada.”
Bill Chiasson, Manitoba Harvest CEO, added in the release, “We are excited about being an important part of the growth strategy for Tilray. By leveraging our combined strengths and capabilities, we will be able to accelerate our mission of transforming consumer health through the power of hemp.”
Manitoba Harvest will operate as a wholly-owned subsidiary of Tilray once the acquisition is completed.
Additional details can be found here.