Manitoba Harvest, known as FHF Holdings Ltd. in the business world, is about to be purchased for up to $419 million by leading cannabis producer, distributer, researcher, Tilray Inc. The worlds largest hemp food manufacturer was founded just 21-years ago has also become a leader in the natural foods industry.
“We are excited about being an important part of the growth strategy for Tilray,” says 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.”
The two companies plan to grow both companies’ revenue while bringing nutritious hemp foods and supplements to more households across the U.S. and Canada. According to the release, the acquisition will expand Tilray’s product portfolio into the natural foods category and bring Manitoba Harvest expertise in working with cannabinoids, including cannabidiol (CBD).
“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,” says 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.”
Once the transaction is complete, Manitoba Harvest will operate as a wholly-owned subsidiary of Tilray. The company will continue to operate its seed-to-shelf supply chain model and leverage its retail relationships across North America. Tilray and Manitoba Harvest will also work together to develop innovative new CBD wellness products and hemp-based consumer food products.