Cannabis producer 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 look to launch CBD-infused products where permissible in the U.S.
The acquisition accelerates the Nanaimo, B.C.-based pot grower’s entry into the U.S. market as the hemp food manufacturer’s products are already on the shelves of retailers such as Wal-Mart, Costco and Whole Foods on both sides of the border, said Tilray chief executive Brendan Kennedy.
Tilray will look to leverage the food maker’s manufacturing facilities in Manitoba and its supply chain to roughly 16,000 stores where their products are already sold in North America, he added.
