Hemp Flower

Jose Luis Sanchez Pereyra

Tilray Acquires Hemp Company for $317 Million

Tilray has acquired hemp company Manitoba Harvest in a bid to enter the U.S. market with CBD-only products.

Full story after the jump.

Canadian Licensed Producer Tilray has acquired Manitoba Harvest, a large hemp food maker, for $317 million in the LP’s largest acquisition to date, according to a MarketWatch¬†report.

The deal was struck in both stock and cash. Manitoba Harvest claims to be the largest hemp food maker in the world;¬†Tilray hopes to enter the U.S. market offering hemp-derived CBD products produced by Manitoba Harvest. Manitoba’s CEO Bill Chiasson said the goal is to produce CBD tinctures, sprays and gel caps.

Manitoba and Tilray plan to satisfy all U.S. federal and state-level guidelines for CBD products. Right now, however, the FDA has yet to create rules for products containing CBD, even though hemp and its compounds were legalized under the 2018 farm bill.

Pre-approval by the FDA is required for any product at this time. A product shipped over national borders would certainly be subject to additional scrutiny, unlike many CBD products currently made and sold in the U.S.

Tilray has said it hopes to see CBD products from Manitoba Harvest on U.S. shelves as early as this summer.

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