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Cannabis giant Tilray announces $419-million purchase of world’s largest hemp food company

Kirk Smol by Kirk Smol
February 20, 2019
in News
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Nanaimo-based licensed cannabis producer Tilray is laying off 10 percent of staff

A Nanaimo-based licensed cannabis company will soon be in a position to capitalize on the market for edibles once these products become legal.

Tilray announced today that it has reached a tentative agreement to buy Manitoba Harvest in a deal valued at $419 million.

Manitoba Harvest is the world’s largest manufacturer of hemp-based food products.

Its products include Manitoba Harvest Hemp Hearts, Hemp Oil, Hemp Yeah! granola, Hemp Yeah! protein powder, and Hemp Bliss milk.

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After the deal closes, Tilray will have a major foothold in the natural-food industry and it’s in a position to enhance Manitoba Harvest’s expertise in working with cannabinoids.

“Tilray’s acquisition of Manitoba Harvest is a milestone for the cannabis industry,’ Tilray president and CEO Brendan Kennedy said in a company news 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.’

The Canadian government is expected to legalize edible cannabis-infused edible products by October 17, 2019.

As of this writing, Tilray shares are up 4.24 percent this morning to US$80.30.

Kirk Smol

Kirk Smol

Kirk's journey through the digital realm began with lines of code and algorithms dancing in his dreams. Armed with a keyboard and an insatiable curiosity, he embarked on the path of software engineering. However, fate had a smoky twist in store for him. As the ones and zeros swirled around him, Kirk had an epiphany – he realized that he was more interested in the highs and lows of the cannabis industry than debugging lines of code. With a leap of faith that would make a bungee jumper blush, he bid farewell to the world of semicolons and database queries and embraced the intoxicating allure of cannabis journalism. Now, Kirk finds himself navigating a different kind of network, one that's all about buds, trichomes, and terpenes. Armed with a pen that's mightier than a vaporizer and a keen eye for detail, he's on a mission to unravel the mysteries of the green world.

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