Tilray To Acquire Manitoba Harvest, The World’s Largest Hemp Food Company

Acquisition unites cannabis pioneer with leading natural food CPG company to create hemp and CBD-infused food and wellness products for North America

CANADA: Tilray, a global leader in cannabis research, cultivation, production and distribution, has announced it has entered into a definitive agreement pursuant to which Tilray will acquire all of the issued and outstanding securities of FHF Holdings, from Compass Group Diversified Holdings, LLC and other shareholders of Manitoba Harvest. Under the terms of the Agreement, Tilray will acquire Manitoba Harvest on a cash and debt-free basis, for an aggregate purchase price, including cash and class 2 Common Stock in the capital of Tilray of up to C$419 million pending the achievement of certain milestones after the closing of the Transaction.

Manitoba Harvest productsFounded in 1998, Manitoba Harvest is the world’s largest hemp food manufacturer and a leader in the natural foods industry. It produces, manufactures, markets and distributes a broad-based portfolio of hemp-based consumer products, which are sold in over 16,000 stores at major retailers across the U.S. and Canada. Products in the Manitoba Harvest portfolio include: Hemp Hearts™, Hemp Oil™, Hemp Yeah!™ granola, Hemp Yeah!™ protein powder and Hemp Bliss™ milk. Manitoba Harvest has plans to launch a line of CBD containing Broad Spectrum Hemp Extracts as well as a line-up of Hemp Yeah! wellness bars this summer.

Together, Tilray and Manitoba Harvest plan to grow both companies’ revenue while bringing nutritious hemp foods and supplements to more households across the U.S. and Canada. The acquisition will expand Tilray’s product portfolio into the natural foods category and bring Manitoba Harvest expertise in working with cannabinoids, including cannabidiol (CBD). By leveraging Manitoba Harvest’s established distribution network, Tilray plans to accelerate its expansion into the U.S. and Canadian markets, where legal, for CBD products. Manitoba Harvest also brings to Tilray an experienced team and manufacturing capabilities, including the addition of two high quality BRC AA+ certified manufacturing facilities as well as significant sales and distribution capabilities.

“Tilray’s acquisition of Manitoba Harvest is a milestone for the cannabis industry. It builds on the strategic partnerships we have formed with consumer brand industry leaders and demonstrates our track record of disrupting the global pharmaceutical, alcohol, CPG, and functional food and beverage categories,” said Brendan Kennedy, Tilray President and CEO. “We’re excited to work with Manitoba Harvest to develop and distribute a diverse portfolio of branded hemp-derived CBD food and wellness products in the U.S. and Canada.”

“We are excited about being an important part of the growth strategy for Tilray,” said Bill Chiasson, Manitoba Harvest CEO. “By leveraging our combined strengths and capabilities, we will be able to accelerate our mission of transforming consumer health through the power of hemp.”

Upon completion of the acquisition, Manitoba Harvest will operate as a wholly-owned subsidiary of Tilray, leveraging the Tilray team’s global cannabis industry expertise and other strategic partners. Manitoba Harvest will continue to operate its seed-to-shelf supply chain model and leverage its retail relationships across North America. Tilray and Manitoba Harvest will also work together to develop innovative new CBD wellness products and hemp-based consumer food products.

 

 

Basketball Legend Al Harrington Premiers CBD-Based Wellness Products

CALIFORNIA: Retired NBA great Al Harrington, who discovered the benefits of CBDs (Cannabinoids) at the end of his playing career, has premiered a new line of wellness products based on hemp, the non-psychoactive elements found in the plant. As an upscale consumer brand, Harrington Wellness will feature products that will foster healthy living and all the benefits that come from it.

Harrington introduced the new brand at a star-studded dinner last night in Beverly Hills at the start of the NBA’s 2018 All-Star Weekend that is taking place in Los Angeles.

“After more surgeries than I care to admit, my knee was shot, and I was in pain all the time,” said Harrington, CEO of Harrington Wellness and founder of The Harrington Group. “If I had the benefit of CBDs, like our Harrington Wellness Cream when I was playing, there’s no doubt I could have played two or three more seasons in the NBA.”

It was Harrington’s fall 2017 “Uninterrupted” online interview with retired NBA Commissioner David Stern, which has generated over 122,000 views on YouTube and more than one million total across various websites, that led to the creation of Harrington Wellness.

“David and I were talking about the benefits of CBDs and how NBA players could benefit from them,” added the former New York Knicks and Denver Nuggets forward. “That interview led to lots of interest and an outpouring of support, so I created Harrington Wellness to fill the unserved niche of upmarket, professional and premium CBD products that are legal anywhere in the country.”

Harrington initially discovered the recuperative power of Cannabis, and later CBDs, as a result of convincing his grandmother, Viola, to use extracts to help with her glaucoma. As a result, Harrington Wellness’ sister company, Viola Extracts, is named in her honor.