Hemp firms fire up $42-M merger
Leader in food products joins leader in ingredients
Manitoba has long been home to the two largest hemp food companies on the continent and now they have joined forces to make an even stronger push to get hemp foods into more North American households.
Winnipeg's Manitoba Harvest, a subsidiary of Compass Diversified Holdings, has acquired Hemp Oil Canada, Inc. (HOC) for $42 million.
Last summer, Connecticut-based Compass acquired 87 per cent of Manitoba Harvest for $132.5 million.
Both companies are dominant leaders in their respective markets -- Manitoba Harvest in branded hemp foods and HOC in the hemp-ingredient field. Each of them command about 65 per cent of the North American market.
Mike Fata, the CEO of Manitoba Harvest (who along with other partners still retains 13 per cent equity in Manitoba Harvest) said the deal is something that was in the works for some time.
"We see lots
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