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Canopy Growth, a cannabis company based in Smiths Falls, Canada, has announced it has finalized an all-cash transaction to acquire This Works, a UK-based natural skincare and sleep solutions firm, for a purchase price of £43 million ($54.49 million).
The firm’s best-known products are sad to include a deep sleep pillow spray, morning expert hyaluronic serum, and skin deep dry leg oil.
“Through their unique approach of formulating solutions that work in harmony with the 24hr body clock, This Works has evolved its product lines beyond a traditional viewpoint to a more complete regimen that maximizes skin – and overall wellness – at every phase of the day, starting with a good night’s sleep”, Canopy Growth said in a statement.
The firm added that the acquisition would lead to an accelerated focus on global expansion, as well as product development to include a new line of skincare and sleep solution products infused with CBD.
Commenting on the deal, Canopy Growth chairman and co-CEO Bruce Linton said: “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”.
Source: Canopy Growth
