SMITHS FALLS, Ont. — 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.
Companies in this story: (TSX:WEED)
The Canadian Press