Business

Canopy Growth to acquire U.K. skin-care company This Works

The Ontario-based cannabis company says This Works will be part of its entry into the natural wellness industry and boost its international presence.

Ontario-based cannabis company has signed a deal to purchase the natural wellness brand for $73.8 million

Staff work in a marijuana grow room tat Canopy Growth's Tweed facility in Smiths Falls, Ont. on Aug. 23, 2018. The company has agreed to buy natural skin-care company This Works. (Sean Kilpatrick/The Canadian Press)

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.

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