08:13 AM EST, 11/14/2024 (MT Newswires) -- Goodfood Market ( GDDFF ) on Thursday said it has acquired an 81% stake in Genuine Tea, a Canadian tea company, for an undisclosed sum.

The founding shareholders of Genuine Tea will continue to lead the business and hold the remaining shares of the company, with Goodfood having a right to acquire their shares in the future. The acquisition includes future performance-based payment features to Genuine Tea shareholders.

Goodfood plans to build a portfolio of direct-to-consumer food and beverage brands.