February 20, 2019 / 1:56 PM / 10 months ago

BUZZ-Compass Diversified rises on sale of hemp foods unit to Tilray

** Shares of Compass Diversified rise premarket after agreeing to sell majority owned unit Manitoba Harvest to marijuana producer Tilray for about C$419 mln

** CODI gains about 8 pct and on pace for best day in at least 7 years, TLRY rise 2 pct

** Deal gives Tilray access to a broad portfolio of food products that are currently distributed in 16,000 stores in U.S. and Canada, with the opportunity to expand beyond the food category - Cowen

** Compass plans to use deal proceeds to repay debt

** CODI has risen 26 pct this year, while TLRY has gained 9 pct (Reporting by Amy Caren Daniel and Aniruddha Chakrabarty in Bengaluru )

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