Canopy Growth acquires skincare and well-being company, This Works
Canopy Growth (TSX:WEED; NYSE: CGC) acquired This Works in an all-cash transaction for £43 million.
British-based This Works offers a range of high-quality natural skincare and sleep solution products, including deep sleep pillow spray, morning expert hyaluronic serum, and skin-deep dry leg oil, across a customer base in 35 countries. Founded in 2004, This Works has formulated products that work in harmony with the 24-hour body clock – at every phase of the day, starting with sleep.
In a statement, Canopy Growth said the acquisition is a key aspect of a multi-faceted hemp and cannabidiol (CBD) strategy as it continues to build on its vertically integrated production and marketing platform.
The strategy 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.
The acquisition also will expand Canopy’s international footprint and operations within the UK.
"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,” said Bruce Linton, chairman and co-CEO of Canopy Growth.
Canopy Growth and This Works will continue to support all of This Works' current operations with an accelerated focus on global expansion and product development to include a new line of skincare and sleep solution products infused with CBD.
"As a leading wellness brand and a pioneer in sleep beauty products, we are passionate about the opportunity CBD offers beauty consumers,” Dr. Anna Persaud, CEO of This Works said. She will remain at the helm of business operations post-acquisition to continue moving the company forward.