Tilray, Inc. (NASDAQ: TLRY) continues to make huge strides in the cannabis industry. Tilray’s latest move came in the form of a C$419 million, or approximately $318 million USD, acquisition of Manitoba Harvest. Manitoba Harvest is defined as the world’s current largest provider of hemp-based food products.
Products from Manitoba Harvest include Hemp Oil™, Hemp Yeah!™ granola and protein powder, and Hemp Bliss™ milk. It is estimated that the amount of stores supplied with hemp-containing food products from Manitoba Harvest is well over 16,000 large-scale retailers within the United States and Canada.
Tilray President and CEO, Brendan Kennedy, stated: “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.”
Manitoba Harvest will become and operate as a fully-owned subsidiary after the acquisition is completed by Tilray. Manitoba’s practice of seed-to-shelf operation is to continue as usual, along with a continued approach to retail relationships within the United States. Both companies will work together to create new CBD products within the CBD wellness and hemp-based food product categories.
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