Tilray Inc., a leading cannabis research, cultivation, production and distribution company, is acquiring Manitoba Harvest, the world's largest hemp food company.
Tilray, which is based in Nanaimo, B.C., has entered into a definitive agreement to acquire all of the issued and outstanding securities of Manitoba Harvest from Compass Group Diversified Holdings and other shareholders. The final purchase price will be up to $419 million pending certain milestones after the closing of the transaction, which is expected within 30 days.
Manitoba Harvest is the world's largest hemp food manufacturer and a leader in the natural foods industry. It produces, manufactures, markets and distributes a broad-based portfolio of hemp-based consumer products, which are sold in over 16,000 stores at major retailers across the U.S. and Canada. Products in the Manitoba Harvest portfolio include: Hemp Hearts, Hemp Oil, Hemp Yeah! granola, Hemp Yeah! protein powder and Hemp Bliss milk.
The two companies plan to continue to grow their revenues while further developing the U.S. and Canadian markets. The acquisition expands Tilray's product portfolio into the natural foods category and adds Manitoba Harvest’s expertise in working with cannabinoids, including cannabidiol (CBD). By leveraging Manitoba Harvest's established distribution network, Tilray plans to accelerate its expansion into the U.S. and Canadian markets, where legal, for CBD products.