A pioneer and global leader in hemp-based foods, both under its own brand and as an ingredient supplier. The company is the world’s largest vertically-integrated hemp food manufacturer and is strategically located near its supply base in Canada.
Date of Acquisition
“The number one reason we decided to be acquired by Compass is we share a common vision — hemp is a unique, healthy food with nutritional benefits that many people have not yet discovered — and Compass is as passionate about our growth as we are.”
Market share leader in Canada and the U.S.
Passionate and loyal consumer following
Strong management team; thought leaders in the Hemp industry
Vertically-integrated manufacturing model
Unique access to highly regulated supply base
Top-graded senior management level positions
Relocated corporate offices from Winnipeg to Minneapolis to provide access to a robust talent pool for future growth
Completed an add-on acquisition of Hemp Oil Canada ($33m), a leading hemp food ingredient processor, strengthening product and supply position
Invested heavily in sales, marketing, and product R&D
- Expanded points of distribution
- Increased consumer awareness by ~100%
- Launched multiple new products including protein powders, bars, granola, and CBD
In February 2019, CODI completed the 100% sale of Manitoba Harvest to Tilray Inc. distribution (NASDAQ: TLRY), a global leader in cannabis research, cultivation, and production, for an aggregate sale price of $294 million.
- Under CODI’s ownership Manitoba Harvest was able to raise awareness of Hemp as a super food, growing the company’s customer base across North America, more than doubling household penetration in the U.S., and driving category expansion.
- Bill Chiasson, CEO of Manitoba Harvest stated that: “CODI’s ability and willingness to make substantial investments into consumer marketing for our leading brands has resulted in a greatly expanded consumer appreciation of hemp-based food products, accelerating sales growth, and a ubiquitous market presence in highly desirable retail locations. I would like to thank CODI for all that they have done to bring Manitoba Harvest to the transformative market opportunity that we are realizing today.” Mr. Chiasson also commented on Tilray: “By leveraging our combined strengths and capabilities, we hope to accelerate our mission of transforming consumer health through the power of hemp.”
- “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” Tilray President and CEO Brendan Kennedy said in the statement.
- Manitoba Harvest was acquired to operate as a wholly-owned subsidiary of Tilray, leveraging the Tilray team’s global cannabis industry expertise and other strategic partners.