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.

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

Firefighters have doused a Peachland house fire

Fire crews are still on scene investigating the cause of the BBQ fire which made its way to the home

Special memorial service to say goodbye to murdered teen

A memorial service and celebratio of life was held Tuesday for murdered teen Elijah-Iain Beauregard

Wilson M. Beck Charity Golf Tournament in Kelowna benefiting YMCA of Okanagan

The tournament is sold out with 144 golfers swinging for the cause

Is construction in Kelowna hurting small businesses, or helping them?

Voices from both sides of the spectrum weigh in

Kelowna baseballers invited to league all-star game

The 2019 West Coast League All-Star Game will have two players from the Kelowna Falcons

VIDEO: B.C. MLA Michelle Stilwell takes first steps in nearly 30 years

‘It actually felt like walking. It’s been 27 years… but it felt realistic to me’

False report of dead body leads police to sex dolls at Manning Park

Princeton RCMP breathed a sigh of relief, momentarily, when they discovered a… Continue reading

Ironman returns to Okanagan after seven-year absence

Subaru Ironman Canada is coming back to Penticton in 2020

Grand Forks fire chief found to have bullied, harassed volunteer firefighter: report

WorkSafeBC, third-party human resources investigation looking into allegations complete

Okanagan College campus flies Syilx flag

The Okanagan Nation Alliance flag was raised at a ceremony at Vernon campus on July 16

Dog recovering after being drenched in hot coffee, B.C. man charged

Man was taken into custody, charged, and released pending a court date

Taekwondo instructor, 21, identified as B.C. bat rabies victim

Nick Major, 21, an instructor at Cascadia Martial Arts in Parksville

Science expedition to Canada’s largest underwater volcano departs Vancouver Island

Crews prepared for a two-week research mission to the Explorer Seamount

Summerland clinic will be closed on August long weekend

Medical office assistant needed at Rosedale Medical Clinic

Most Read