Canopy Growth Purchases Skincare Company for $55 Million USD
Canopy Growth Corporation (NYSE: CGC)
announced that the company has completed an all-cash transaction to acquire This Works® for £43 million, approximately $55 million USD. The acquired company is well-recognized throughout the world as a prominent producer of natural skincare and sleep aid products with a presence that spans across 35 countries. London, England, home to the headquarters of This Works, provides a base for the company to work and develop several products such as a deep sleep pillow spray, morning expert hyaluronic serum, and skin deep dry leg oil for its customers. The two companies will work together in order to design and create cannabidiol (CBD) infused products that fit in the beauty, wellness, and sleep solution markets.
Bruce Linton, Co-Chief Executive Officer of Canopy Growth, stated: “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.”
The CEO of This Works®, Dr. Anna Persaud, will continue to serve the company in a business operations role after the acquisition in order to further the company’s forward momentum. Dr. Persaud joined the company in 2009 and worked arduously to create beneficial skin care products that were created with the focus of the human body’s 24-hour clock in mind.
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“Since 2004, This Works® has been committed to creating highly effective, natural skin solutions which are rooted in science and proven to work. We are excited about this new chapter in our company’s history and the opportunity to join Canopy Growth, the world’s leading diversified cannabis and hemp company,” said Dr. Persaud. “As a leading wellness brand and a pioneer in sleep beauty products, we are passionate about the opportunity CBD offers beauty consumers. Canopy Growth will provide the expertise, research, scientific rigour and quality assurance that will allow This Works to drive the agenda in wellness beauty’s ever-evolving market.”
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Canopy Growth Purchases Skincare Company for $55 Million USD
