Manitoba Harvest Announces New Research Partnership to Drive Innovation in Hemp and Pea Protein

Rhea-AI Summary

Manitoba Harvest, a leader in hemp foods, is collaborating with Protein Industries Canada and industry partners to develop enhanced hemp and pea varieties aimed at boosting protein content and texture. This initiative is part of a $5.1 million investment, with Manitoba Harvest and its partners contributing $3.3 million, while Protein Industries Canada adds $1.8 million. The advancements will support the growing demand for plant-based proteins and align with the company's commitment to superior product quality and innovation. Manitoba Harvest is a subsidiary of Tilray (TLRY).

Positive

• Investment of $5.1 million into the development of new hemp and pea varieties.
• Collaboration improves product functionality and broadens food applications.
• Positions Manitoba Harvest as a leader in the expanding plant-based protein market.

Negative

• None.

The world's leading brand in hemp foods, Manitoba Harvest will lend its expertise in innovation, product development, and formulation to a consortium of industry leaders through Protein Industries Canada.

WINNIPEG, MB, July 27, 2021 /PRNewswire/ - Manitoba Harvest, the global leader in hemp food, is partnering with a consortium of industry leaders through Protein Industries Canada to develop new hemp and pea varieties with increased protein content, differential starch content, and improved texture.  These advancements will dramatically increase the potential for hemp usage in the growing plant-based protein movement.

Manitoba Harvest will lend its expertise in food innovation, product development, and formulation, to improve the potency and functionality of hemp and pea protein. Together with their partners, this work will make hemp proteins suitable for a wider range of food applications. 

"Diversity of ingredients within Canada's plant-based foods and ingredients sector is an essential element of helping it grow to become a global leader," Protein Industries Canada CEO Bill Greuel said. "Manitoba Harvest, through their partnership with NRGene, Farmer's Business Network and Pulse Genetics, is displaying great leadership in the area of hemp ingredient development. The hemp-pea flour blend they develop through this project will go a long way in meeting the needs of consumers and food manufacturers alike."

"As the largest and longest standing hemp food brand in North America, we are committed to providing our customers with the best hemp products available," said Jared Simon, President, Manitoba Harvest. "Developing plant-based protein products with superior taste, functionality and nutrition aligns perfectly with our objectives as a brand, and we have a history of leadership at the farm level, working directly with growers to improve quality throughout the hemp supply chain."

The development of these new seed varieties, as well as the hemp-pea flour blend, is expected to create new market opportunities within Canada's plant-based food and ingredients value chain. NRGene, Farmer's Business Network, Pulse Genetics and Manitoba Harvest are together investing $3.3 million into the project, with Protein Industries Canada investing an additional $1.8 million.

About Manitoba Harvest
Founded in 1998, Manitoba Harvest (the "Company") is a pioneer and leader in branded, hemp-based foods with the fastest growing products in the global hemp food market. The Company's all-natural product portfolio includes Hemp Hearts (shelled hemp seed), Hemp Protein, Hemp Protein Blends, Wellness Bars, Granola and Hemp Oil. Manitoba Harvest's products are sold globally, including approximately 17,000 retail stores across the United States and Canada.

Manitoba Harvest is a Certified B Corporation and the first Canadian food company to attain a CarbonZero Certification. A wholly owned subsidiary of Tilray, Inc. (NASDAQ: TLRY) (TSX: TLRY), Manitoba Harvest is mission-based company dedicated to inspiring and empowering the worldwide community to live their very best life by providing them with products that meet the needs of their mind, body, and soul and invoke a sense of wellbeing.

About Protein Industries Canada

Protein Industries Canada is an industry-led, not-for-profit organization committed to positioning Canada as a global source of high-quality plant-based food and ingredients. Together with industry, Protein Industries Canada has committed more than $377 million to the Canadian plant-protein sector. For more information, visit proteinindustriescanada.ca.

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SOURCE Manitoba Harvest

FAQ

What is the purpose of Manitoba Harvest's partnership with Protein Industries Canada?

The partnership aims to develop new hemp and pea varieties with improved protein content and texture to support the plant-based protein movement.

When was the partnership between Manitoba Harvest and Protein Industries Canada announced?

The partnership was announced on July 27, 2021.

What is the total investment amount in the Manitoba Harvest initiative?

The total investment amounts to $5.1 million, with Manitoba Harvest and partners contributing $3.3 million and Protein Industries Canada adding $1.8 million.

How does this partnership benefit Manitoba Harvest and its investors?

The partnership is expected to enhance product offerings, increase market opportunities, and strengthen Manitoba Harvest's position in the plant-based protein sector.

What company owns Manitoba Harvest?

Manitoba Harvest is a wholly owned subsidiary of Tilray (NASDAQ: TLRY).