This single company will now dominate Canada’s thriving hemp-based foods industry.
Manitoba Harvest will generate an estimated $75 million in annual revenues after the acquisition.
Shaun Crew will remain at the helm of Hemp Oil Canada, which he co-founded. The firm just finished a new 35,000-square-foot processing facility that will bolster production by 600%.
Manitoba Harvest’s branded products appear in roughly 7,000 shops in both Canada and the U.S., but there’s a much bigger market the company can tap after the acquisition.
So far, hemp-based foods are only present in 3% of Canadian homes and in 1% of U.S. homes. That means there’s a lot of room for growth.
Connecticut-based Compass acquired an 87% majority ownership in Manitoba Harvest last summer for $132.5 million.