Blue Sky Hemp Ventures Ltd, a privately held Canadian pioneer in whole-plant industrial hemp utilization, has sold its hemp-based food division to Fresh Hemp Foods, a leading hemp food company and subsidiary of Manitoba Harvest and Tilray Wellness. Terms of the transaction were not disclosed.
“Thanks to a differentiated strategy and disciplined execution, Blue Sky has delivered two consecutive years of positive EBITDA and net earnings—an uncommon achievement in this sector,” said CEO Andrew Potter. “After strong growth in both our food and cannabis divisions, we reached a strategic crossroads. With limited physical space and capital, we concluded that monetizing our successful hemp food business would allow us to better scale our cannabis operations and drive long-term shareholder value.”
The divestiture allows Blue Sky to focus its resources on expanding its contract manufacturing capabilities, including vape pens, pre-rolls, and softgels, while continuing to grow its established topicals and oils business. Proceeds from the sale will also support the final stages of the company’s EU-GMP certification, unlocking global market access for its bulk extracts and finished cannabis products.
“Although we had limited resources, our team successfully built a high-growth, EBITDA positive food business over the last few years. I’m incredibly proud of our product innovation, particularly our refined hemp seed oil—an excellent example of our ability to cost-effectively develop new products,” said Potter. “This spirit of innovation will continue to drive our cannabis operations. We’re confident the purchaser of our food operation will take this food business to the next level, and we look forward to supporting them.”
“We welcome Blue Sky’s customers and suppliers to Fresh Hemp Foods. Blue Sky has championed whole plant utilization, and we intend to carry that forward alongside our own industry leading sustainability efforts. Fresh Hemp Foods remains focused on bringing nutritious, sustainable hemp foods to more and more customers and consumers,” said Jared Simon, President, Manitoba Harvest and Tilray Wellness.
