Canopy Growth to acquire skin-care company This Works for $73.8 million
Workers produce medical marijuana at Canopy Growth Corporation's Tweed facility in Smiths Falls, Ont., on February 12, 2018. (Sean Kilpatrick/THE CANADIAN PRESS)
SMITHS FALLS, Ont. -- Canopy Growth Corp. has signed a deal to buy skin-care company This Works for $73.8 million in cash.
The Ontario-based cannabis company says This Works will be part of its entry into the natural wellness industry and boost its international presence.
Based in London, This Works offers a range of natural skin-care and sleep products.
CBD, or cannabidiol, a compound derived from hemp and marijuana, is increasingly being used in a variety of products that tout health benefits.
Canopy Growth says it will help This Works with the development of a new line of skin care and sleep solution products infused with CBD.
This Works chief executive Anna Persaud is expected to remain at the helm of operations after the acquisition.