Blue Sky Hemp Ventures has sold its hemp-based food division to Fresh Hemp Foods for an undisclosed amount.
"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."
Proceeds from the sale will be used to accelerate expansion of Blue Sky's contract manufacturing services—including vape pens, pre-rolls, and softgels—building on its strong foundation in topicals and oils. The company is also on track to complete EU-GMP certification, unlocking new global opportunities for bulk extracts and finished 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.
For more information:
Blue Sky Hemp Ventures
[email protected]
blueskyhempventures.com/