Canopy Growth Corporation has finalized an all-cash transaction to acquire London-based skincare and sleep solutions specialist This Works for a purchase price of £43 million (C$73.8m; circa US$54.4m).
Founded in 2004, This Works boasts a customer base spanning 35 countries.
It offers a range of natural skincare and sleep solution products, with its best-known products including deep sleep pillow spray, morning expert hyaluronic serum, and skin deep dry leg oil.
Together, 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.
Canopy called today’s announcement “a key aspect of a multi-faceted hemp and CBD strategy”.
At Canopy, This Works will add to assets including 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.
This Works CEO, Dr. Anna Persaud (pictured), will remain at the helm of business operations post-acquisition.
“We were struck by how loyal and satisfied the This Works customer base is, which is a testament to the integrity rooted in the company and how confidently they can stand behind their name.”
Bruce Linton, Canopy Growth
Since joining the company in 2009, Dr. Persaud has worked to develop targeted skin solutions, which combine the brand’s knowledge of the body clock with modern lifestyle learnings, all backed by science.
This approach to product development is best evidenced by This Works’ award-winning natural sleep solutions, with 4.2 million pillow sprays sold across Europe, the United Kingdom, China and the United States since the brand’s first deep sleep pillow spray launched in 2011.
“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,” shared Dr. Anna 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.”
“We were struck by how loyal and satisfied the This Works customer base is, which is a testament to the integrity rooted in the company and how confidently they can stand behind their name,” said Bruce Linton, Chairman & Co-CEO, Canopy Growth.
“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.”Cannabis Business Worldwide