The acquisition marks Tilray’s continuous plan to expand its offerings
Tilray is ready for its latest big endeavor, the acquisition of Manitoba Harvest. The company is the largest manufacturer of hemp food in the world, and the deal is reportedly worth around $317 million. If everything goes well, the acquisition could be finalized within a month.
Manitoba Harvest produces hemp products such as protein powders, milks, hemp hearts, oil and granola. Its products are found in over 16,000 stores in the U.S. and Canada, and the company has also been working on a new line of broad-spectrum hemp extracts under its “Hemp Yeah!” brand.
According to a statement by Manitoba, “Our purpose is to transform people’s lives through the power of hemp, and for the last year or so we’ve been building the capability to launch a line of broad-spectrum hemp extracts containing CBD this summer, and Tilray’s tech know-how with cannabinoids will definitely help us develop that business. Tilray has a wealth of experience we can tap into.” It added, “We’ll start with tinctures and sprays containing MCT [medium chain triglyceride) oil and hemp extract, and softgels featuring hempseed oil and hemp extract.”
Tilray is expected to finalize the acquisition within 30 days. It will give the company an entry into the natural foods category and the senior management at Manitoba will remain onboard to oversee the company’s continuing growth.
According to Tilray President and CEO Brendan Kennedy, “Tilray’s acquisition of Manitoba Harvest is a milestone for the cannabis industry. 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,” said Brendan Kennedy, Tilray President and CEO. “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.”