Having cemented its leadership position in the cannabis industry, Canopy Growth Corp (NYSE:CGC) is now diversifying into the natural skin care space through the acquisition of London-based This Works. The company recently broke the news of the all-cash transaction estimated at CA$73.8 million that gives it 100% ownership in the reputable skincare company.
Rich market and Best-selling products
This Works has been in operation since 2004 and has made a name for itself across 35 countries globally. The company boasts a legion of loyal customers who trust its skincare and sleep enhancement products. Among the highly sought after products in the company’s portfolio include a highly rated “deep sleep pillow spray, morning expert hyaluronic serum, and skin deep dry leg oil.”
This Works’ solutions are carefully formulated to harmonize with human anatomy thus. The acquisition is in line with Canopy Growth’s vertically integrated production and marketing system. The company currently controls thousands of acres of hemp cultivation facilities across multiple continents, capital investments worth millions and is staging a robust expansion program to Europe and other markets.
Canopy Growth’s Chairman and Co- Chief Executive Officer, Bruce Linton, said that “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. “ The CEO further expressed confidence in This Work’s management. Canopy Growth will retain Dr. Anna Persaud as head of operations.
Dr. Persaud has had a long career with the skin and natural wellness company since her entry in 2009. She has overseen the development of successful products and the creation of an effective distribution network across several countries of the European Union.
Through the acquisition, Canopy growth will have an easy entry into the European Union thanks to the strong market networks created by This Works over the 15 years of its existence.