Cannabis producer Tilray Inc., based in Nanaimo, B.C., has announced a deal to acquire Manitoba Harvest for up to $419 million dollars in cash and stock.
Manitoba Harvest was founded in 1998 and is the world’s largest hemp food manufacturer and a leader in the natural foods industry. The company's products are sold in over 16,000 stores at major retailers across the U.S. and Canada.
“We are excited about being an important part of the growth strategy for Tilray,” said Bill Chiasson, Manitoba Harvest CEO. “By leveraging our combined strengths and capabilities, we will be able to accelerate our mission of transforming consumer health through the power of hemp.”
Tilray plans to accelerate its expansion into the U.S. and Canadian Markets, where legal, for CBD products. The companies plan to work together to develop new CBD wellness products and hemp-based consumer food products.
Upon completion of the acquisition, Manitoba Harvest will operate as a wholly-owned subsidiary of Tilray Inc.Source : Steinbachonline