Canopy Growth to acquire skin-care company This Works for $73.8 million

SMITHS FALLS, Ont. -- Canopy Growth Corp. has signed a deal to buy skin-care company This Works for $73.8 million in cash.

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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.