B.C. pot giant Tilray to acquire hemp food company Manitoba Harvest for up to $419 million

Tilray will pay $150 million in cash and $127.5 million in stock.

B.C. pot giant Tilray to acquire hemp food company Manitoba Harvest for up to $419 million

Tilray Inc. has signed a deal to acquire Hemp Hearts-maker Manitoba Harvest for up to $419 million in cash and stock as the two companies aim to launch CBD-infused food and wellness products for North America.

The companies say the acquisition adds natural food products to Tilray’s portfolio and Manitoba Harvest will be able to tap the Nanaimo, B.C.-based company’s expertise in working with cannabinoids.

Upon completion of the transaction, which is subject to approval, Tilray will pay $150 million in cash and $127.5 million in stock.

Six months after close Tilray will pay another $50 million in cash and $42.5 million in stock, and depending the achievement of certain milestones, the cannabis producer will issue another $49 million in company stock.

Manitoba Harvest, whose portfolio of products include Hemp Hearts, Hemp Oil and granola in stores such as Costco and Wal-Mart in Canada and the U.S., plans to launch a line of CBD-infused products south of the border this summer.

Tilray’s chief executive says Manitoba Harvest’s distribution network will help the cannabis grower accelerate its push to sell CBD products in the U.S. and Canada, where permissible.

READ MORE: Tilray buying Ontario cannabis company for $70 million

The Canadian Press


Like us on Facebook and follow us on Twitter.

Just Posted

Robin Sanford and her fiance Simon Park were married in an impromptu ceremony at Abbotsford Regional Hospital on June 16. (Submitted photo)
Mom dies day after witnessing daughter’s hospital wedding in Abbotsford

Nurses help arrange impromptu ceremony in 3 hours for bride and groom

(Pixabay Image)
Monday’s top temperature topples record in Agassiz

Temps reached into the low 30s to break records in Agassiz, Environment Canada says

Tourism Abbotsford has launched the ‘Let’s Go Do Something’ campaign to encourage visitors to check out all Abbotsford has to offer. (Tourism Abbotsford photo)
Tourism Abbotsford launches ‘Let’s Go Do Something’ campaign

Visitors encouraged to check out all Abbotsford has to offer this summer

A GoFundMe campaign has been started for Heather Jensen of Abbotsford, who is battling an aggressive form of breast cancer.
Online fundraiser started for Abbotsford woman fighting aggressive breast cancer

Heather Jensen is unable to work during her health battle

Temperature records were broken for June 21, 2021. (Black Press Media file photo)
Record-breaking heat shimmered across Fraser Valley for second day

Tuesday should be a bit cooler says forecast from Environment Canada

A person stands in a tower on the perimeter of the Number 3 Detention Center in Dabancheng in western China’s Xinjiang Uyghur Autonomous Region on April 23, 2021. Human rights groups and Western nations led by the United States, Britain and Germany accused China of massive crimes against the Uyghur minority and demanded unimpeded access for U.N. experts at a virtual meeting on Wednesday, May 12, 2021 denounced by China as “politically motivated” and based on “lies.” THE CANADIAN PRESS/AP-Mark Schiefelbein
VIDEO: Trudeau demands truth from China about Uyghurs

PM says Canada has admitted broken Indigenous relationship, unlike China on Uyghurs

Kelowna Mayor Colin Basran, middle right, participates in a ribbon-cutting ceremony in honour of the launch of Kelowna’s plasma donor centre at Orchard Plaza Mall on June 22. From left to right: Canadian Blood Services’ business development manager Janna Pantella, Canadian Blood Services’ operational excellence manager Tyler Burke, Kelowna Mayor Colin Basran and Canadian Blood Services’ centre manager Janine Johns. (Aaron Hemens/Capital News)
B.C.’s first dedicated plasma donor centre opens in Kelowna

The Kelowna location is the third dedicated plasma donor to open in Canada

Children walk with their parents to Sherwood Park Elementary in North Vancouver for the first day back to school on Sept. 10, 2020. THE CANADIAN PRESS/Jonathan Hayward
Study reassures parents, teachers that COVID-19 infrequently shared at school

Federally funded study in Vancouver finds risk in the classroom and in the community identical

Conservative MP Kevin Waugh rises during Question Period in the House of Commons Tuesday April 13, 2021 in Ottawa. THE CANADIAN PRESS/Adrian Wyld
Single-game sports betting about to become legal in Canada

Senate passes bill to take sports gambling away from overseas agencies

Point Roberts is part of the mainland United States but not physically connected to it, to reach the community by land one must pass through Canada. THE CANADIAN PRESS/Darryl Dyck
Closed Canadian border leaves Point Roberts’ only grocery store on verge of closure

‘We’re Americans but we’re not attached to America. It’s easy to forget we’re here,’ says owner Ali Hayton

Health Minister Adrian Dix announced in December that Surrey’s new hospital will be located in Cloverdale, next to KPU. (File photo: Malin Jordan)
Health minister expects construction of Surrey’s new hospital in Cloverdale to begin in 2023, open in 2027

Adrian Dix spoke Tuesday in a Zoom meeting hosted by the Surrey Board of Trade concerning the new hospital

B.C. Finance Minister Selina Robinson with Premier John Horgan after the budget speech Tuesday, April 20, 2021. THE CANADIAN PRESS/Chad Hipolito
B.C. home owner grant won’t be altered, despite expert advice

Tax break for residences worth up to $1.6 million too popular

B.C. conservation officer Sgt. Todd Hunter said a black bear is believed to have killed local livestock. (THE NEWS/files)
Black bear believed to have killed miniature donkey in Maple Ridge

Trap set for predator that has been killing livestock

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Most Read