London-based company This Works® will be an integral part of Canopy Growth's entry into the natural wellness industry and will further strengthen the company's international presence.
Canopy Growth Corporation (TSX: WEED, NYSE: CGC) has completed an all cash transaction to acquire This Works for a purchase price of £ 43 million (CDN $ 73,8 million). Founded in 2004, This Works has proven itself as a global leader in natural skin care and sleep solutions with a dedicated customer base spanning 35 countries.
High-quality skin care and solutions for sleeping problems
The This Works® company, headquartered in London, England, offers a range of high-quality products for skin care and sleep solutions. The company has built up a loyal following of customers who buy their most famous products: from “deep sleep” sleep pillow spray, “morning expert” hyaluronic acid serum to “skin deep dry leg oil” skin care products based on oil.
Through their unique approach to formulating solutions that work in harmony with the 24-hour body clock, This Works has evolved its product lines beyond a traditional point of view towards a more complete regimen that benefits skin - and overall well-being - at every stage of the day. maximizes, starting with a good night's sleep.
This acquisition is a key aspect of a multi-faceted hemp and CBD strategy as Canopy Growth continues to build on its vertically integrated manufacturing and marketing platform, which currently spans thousands of acres of hemp production across continents, hundreds of millions of dollars of capital investment in hemp-derived CBD manufacturing and processing, rapid expansion in the European Union and other key regions, and the introduction of new CBD-infused products and brands into the global beauty, wellness and sleep solutions markets.
The CEO of This Works® company, Dr. Anna Persaud, will remain at the helm of the business after the acquisition to advance the business. Since joining the company in 2009, Dr. Persaud worked hard to develop targeted skin solutions, which combine the knowledge of the body clock brand with modern lifestyle lessons, all backed by science.
Popular “sleep pillow” pillow spray
This approach to product development is best demonstrated by This Works' award-winning natural sleep solutions, with 4,2 million pillow sprays sold in Europe, the UK, China and the United States - since the brand's first deep pillow spray in 2011. was introduced.
Canopy Growth and This Works will continue to support all ongoing activities of This Works with an accelerated focus on global expansion and product development, with a new line of skin care and sleep solutions based on CBD.
“Since 2004, This Works has been committed to creating highly effective, natural skin solutions that are based on science and proven to work. We are excited about this new chapter in our company's history and the opportunity to join Canopy Growth - the world's leading diversified cannabis and hemp company, ”said Dr. Anna Persaud.
“As a leading wellness brand and pioneer in sleep beauty products, we are passionate about the opportunity that CBD beauty products offer. Canopy Growth will provide the expertise, research, scientific rigor and quality assurance to further put This Works on the map in the ever-evolving wellness and beauty market. “
CBD has the potential to disrupt the cosmetics and sleep products industries
“We believe that CBD has the potential to disrupt the cosmetics and sleep solutions industries and has been positioning itself for years for years. Said Bruce Linton, Chairman & Co-CEO, Canopy Growth. “Once we see Dr. Persaud and her team, we knew they were the right partner to continue working with and take this journey ”.
In addition to strengthening Canopy Growth's product offering, bringing This Works “under the canopy” will improve the company's international footprint and operations in the UK. The company already announced in January 2019 Spectrum Biomedical UK to, a joint venture between Canopy Growth Corporation and Oxford-based research firm Beckley Canopy Therapeutics, to meet the need for high-quality cannabis-based medicines in the UK.
Towards further growth in the future in the field of cosmetics, sleep and general wellness.
Read the press release on Canopy Growth (EN, source)