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Tilray scoops up Manitoba Harvest, plans line of CBD products

Logo for Manitoba Harvest in Canada

Canadian cannabis giant Tilray Inc. has has agreed to acquire hemp food maker Manitoba Harvest for $277.5 million in cash and stock, Tilray announced. The deal could reach more than $419 million based on incentives.

Nanaimo, British Columbia-based Tilray said it looks to leverage Manitoba Harvest’s production capacity and its distribution system throughout 16,000 U.S. retail outlets that include major chains Costco, Wal-Mart, and Whole Foods.

Manitoba Harvest, founded in 1998, produces hemp nuts, oil and granola. Tilray said it plans to expand into CBD-infused products such as tinctures, sprays and soft-gels where those products are permissible in the USA.

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