Hemp Foods

U.S.: Compass Diversified Holdings Acquires Manitoba Harvest Hemp Foods

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Compass Diversified Holdings, a Westport, Connecticut-based owner of middle market businesses, on Monday announced that on June 4, it entered into an agreement to acquire Fresh Hemp Foods Ltd. ("Manitoba Harvest"). The acquisition is expected to close in the next 45 days, subject to customary closing conditions.

Headquartered in Winnipeg, Manitoba, Canada, Manitoba Harvest is a pioneer and global leader in branded, hemp-based foods. The company's products are the fastest growing in the hemp food market and among the fastest growing in the natural foods industry.

Manitoba Harvest's award-winning products are currently carried in about 7,000 retail stores across the U.S. and Canada. For the year ended November 30, 2014, Manitoba Harvest reported net revenue of approximately C$37.9 million, an increase of 23.9 percent year-over-year. The company continued its rapid growth in the first half of its current fiscal year, generating net revenue of approximately C$27.6 million for the six months ended May 31, 2015.

The purchase price for Manitoba Harvest is based on a total enterprise value of C$132.5 million and will also include working capital and certain other adjustments upon closing. Manitoba Harvest generated net revenues of approximately C$44.9 million and Adjusted EBITDA of approximately C$6.4 million for the last twelve months ending May 31, 2015, representing year-over-year growth of 28.5 percent and 59.4 percent, respectively. The company generated Adjusted EBITDA for the six months ended May 31, 2015 of approximately C$5.0 million.

Canada: Manitoba Harvest Hemp Foods Passes Food Safety and Quality Recertification

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By Steve Elliott
Hemp News

Manitoba Harvest Hemp Foods on Wednesday announced that its facility, located in Winnipeg, "aced" the British Retail Consortium (BRC) Global Standards Recertification. According to Manitoba Harvest, it is the world's largest hemp food manufacturer, growing, making and selling their own hemp foods.

The company improved a full "grade" from their first certification last year, according to chief executive officer and cofounder Mike Fata. "Improving our BRC Certification standing to 'A-Grade' showcases our commitment to continuous improvement -- especially when it comes to food safety and quality," Fata said.

"If a school had a hemp production program we'd already have our Ph.D.," Fata said. "Receiving a top grade in our recertification validates our team's commitment to quality."

BRC Certification is considered the world's leading food safety and quality certification program, and is used by suppliers in more than 100 countries.

To receive BRC Certification, Manitoba Harvest underwent a voluntary audit by a third-party certification body that ensures the production, packaging, storage and distribution of safe food and consumer products. The annual certification is meant to reassure retailers and consumers of the capability and competence of Manitoba Harvest's facility, and therefore the integrity of its products.

Celebrating their 15th year in business, Manitoba Harvest Hemp Foods offers products like hemp hearts (raw shelled hemp seeds) and Hemp Pro 70 (hemp protein concentrate).

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United States: Hemp industry thrives amid boom in natural foods

By Andrew S. Ross, San Francisco Chronicle

There is a truth that must be heard! Ten years ago, John Roulac was fighting the U.S. Drug Enforcement Administration over a banned shipment of hemp seeds he needed for his embryonic health food business in Sebastopol.

This week, Roulac is moving into a 200,000-square-foot building in Point Richmond to accommodate his fast-growing company, Nutiva, which sells hemp-infused protein powder, shakes and seeds, plus non-hemp coconut oil and chia seeds.

"Being in the heart of the organic food industry in Northern California is desirable," said Roulac, citing the new space's proximity to highways, railroads and ports.

Hemp, in its non-psychoactive cannabis form, has long since entered America's food chain, and Nutiva's products are on store shelves all over the Bay Area, including Whole Foods, Safeway and GNC's chain of vitamin shops. Its Organic Extra Virgin Coconut Oil ranks No. 8 on Amazon.com's list of best-selling grocery and gourmet food items.

Helped by praise for its nutritional benefits from Dr. Oz and Martha Stewart - "enjoy hemp seeds lightly toasted," Stewart recommends - the hemp-based food market was estimated at $40 million in 2010 (excluding sales at chain groceries such as Whole Foods and Safeway), according to Spins, a firm that analyzes the natural products industry. Hemp is "one of the fastest-growing trends" in natural food, Errol Schweizer, Whole Foods' global grocery coordinator, told Bloomberg in March.

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