Canadian cannabis product Canopy Growth has announced it is to buy London-based skincare brand This Works in a $55.2 million deal.
The acquisition will allow the company to launch a new line of CBD-infused beauty and sleep products, which will extend its current portfolio of cannabis oil, hemp and medical capsules.
According to the company the purchase is a “key aspect of a multi-faceted hemp and CBD strategy as Canopy Growth continues to build upon its vertically-integrated production and marketing platform, that currently includes thousands of acres of hemp production across several continents, hundreds of millions of dollars of capital investment into hemp-derived CBD production and processing, rapid expansion across the European Union and other key regions, and the introduction of new CBD-infused products and brands to the global beauty, wellness, and sleep solution space.”
Dr Anna Persaud, This Works CEO, will remain as the head of the company with This Works’ current operations expected to continue. There is set to be an ‘accelerated focus’ on global expansion and product development, including the new CBD-infused skincare and sleep solution products.
Bruce Linton, Chairman and CEO, Canopy Growth, said, “We believe CBD has the potential to disrupt the cosmetic and sleep solution industries and have been working for years to build and establish the right entry point into this opportunity. As soon as we met with Dr. Persaud and her team, we knew they were the right partner to embark with on this journey.”