Canopy Growth Acquires London-Based Skincare Company This Works For $54M

Canopy Growth Corp CGC is expanding in the wellness industry with the acquisition of London-based skincare and well-being company This Works.

What Happened

The acquisition will be done in all-cash. Canopy Growth will pay GBP 43 million ($54.39 million USD). This Works CEO Anna Persaud will continue to head the business operations at the acquired company.

Both companies will continue to work on all of This Works' current operations and will focus on global expansion and product development. This Works plans to add a new line of CBD-infused skincare and sleep solution products.

Why It's Important

This Works has a range of natural skincare and sleep solution products formulated specifically to work in harmony with the 24-hour body clock. The company's pillow spray saw 4.2 million units sold across Europe, China and the U.S. since it was launched in 2011.

The acquisition is part of Canopy growth hemp and CBD strategy that involves developing thousands of acres of hemp production across the world, large-scale investments into hemp-derived CBD production and processing, launching new brands, and expanding across the European Union and other regions.

Canopy Growth's stock closed Tuesday's session at $44.99 per share.

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Photo courtesy of This Works.