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Olga Boiko

Nanaimo, B.C.-based cannabis company Tilray Inc. will be entering the hemp food market after agreeing to purchase Manitoba Harvest. News of the $419 million cash and stock deal gave Tilray shares a 4.5% boost.

Once the acquisition is complete, Manitoba Harvest will operate as a wholly-owned subsidiary of Tilray.

Founded in 1998, Manitoba Harvest products can currently be found in 16,000+ stores and retailers across North America. The company produces, manufactures, markets and distributes hemp-based goods like Hemp Hearts, Hemp Oil, Hemp Yeah! granola, Hemp Yeah! protein powder, as well Hemp Bliss milk.

Moving forward, Manitoba Harvest plans on adding “a line of CBD containing Broad Spectrum Hemp Extracts” and Hemp Yeah! wellness bars to its product line-up this summer.

Hemp Hearts

In a press release, it’s noted that Tilray now plans to “accelerate its expansion into the U.S. and Canadian markets, where legal, for CBD products.” Through this acquisition, Tilray also welcomes the addition of Manitoba Harvest’s experienced team, plus its manufacturing, sales, and distribution capabilities.

“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 {pictured above}. “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.”

“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.”

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