Together the companies will work to expand This Works' CBD beauty offering
Image via Instagram @thisworks
Canopy Growth Corporation, a Candian CBD advocate company, has completed on all-cash transaction to acquire natural skin care brand This Works.
With a price tag of £43m, the firm hopes this takeover will build on Canopy Growth Corpoartion’s multifaceted hemp and CBD strategy.
Today, it owns thousands of acres of hemp production across the world and is expanding into the European market; where it hopes to strengthen its position.
This Works’ CEO Anna Persaud, said she and her team were “passionate” about the opportunities CBD can offer the beauty industry.
While Persaud will remain at the helm of the business, a new focus for the brand - with Canopy Growth - will be to expand its CBD skin care and sleep solutions.
Currently, This Works, it has a number of wellness and skin care collections, including sleep and skin solutions, products for night time, day time and ranges for bath and body.
Persaud added: “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.”
Bruce Linton, Canopy Growth’s co-CEO and Chairman 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 know they were the right partner to embark on this journey with.”