The world’s largest cannabis company has acquired British beauty brand, This Works, in a deal that will see a range of its products formulated with the cannabis ingredient, CBD, to help with skin and sleep improvement.
Canopy Growth Corporation, a Canadian CBD advocate company, completed the transaction for £43m, with strong hopes that the takeover will build on its multifaceted hemp and CBD strategy.
This Works CEO, Dr Anna Persaud, will remain in charge following the acquisition, overseeing the launch of the new products.
“As a leading wellness brand and a pioneer in sleep beauty products, we are passionate about the opportunity CBD offers beauty consumers,” she said. “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.”
Canopy Growth CEO and chairman, Bruce Linton, also added: “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 on this journey with.”
This Works currently sells a number of wellness and skincare collections, including sleep and skin solution products for both night and day time, as well as ranges for bath and body.