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

VIDEO: North Island Bantam Eagles tie Dawson Creek Canucks in front of massive hometown crowd in Port Hardy

The Tier 3 Bantam Championships continued in style last night at the Don Cruickshank Memorial Arena.

Port Alice’s Scotiabank branch closing for good next month

Port Alice is going through a transition to a more diversified economy that includes tourism.

VIDEO: North Island Bantam Eagles blast Kelowna Rockets in first game of the Championships in Port Hardy

The Eagles are back in action at 7:30 p.m. tonight against the Dawson Creek KFC Canucks.

Mowi Canada West releases statement on Nanaimo teenager’s workplace death

“Our thoughts are with the family at this time, all of us at Mowi are devastated by this tragedy.”

VIDEO: RCMP ask kids to help name soon-to-be police dogs

13 German shepherd puppies will be born this year

No injuries, pollution in Vancouver Harbour ship collision: Transport Canada

Transportation Safety Board says it has deployed a team of investigators look into the incident

Budget 2019: Five things to watch for in the Liberals’ final fiscal blueprint

Finance Minister Bill Morneau will release the Trudeau government’s final budget on Tuesday

New concussion guidelines launched for Canada’s Olympians, Paralympians

The guidelines will be in effect at this summer’s Pan American, Parapan American Games in Lima, Peru

Alphonso Davies doubtful for Canada game against French Guiana in Vancouver

Canada will be without injured captain Scott Arfield and veteran Will Johnson

Watchdog called after man who yelled racial slurs at B.C. vigil hurt during arrest

BC RCMP say man was ‘acting suspiciously’ at prayer vigil for victims of New Zealand mosque shootings

NDP’s Jagmeet Singh steps into the House of Commons, making history

Burnaby South MP becomes first visible minority to lead a federal party in the House of Commons

Simard guilty in Vancouver Island double murder

Convicted of two counts of second-degree murder in 2016 killing of Courtenay couple

Most Read