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.