London-based firm will be an integral part of Canopy Growth’s entry into the natural wellness industry and further strengthens the Company’s international presence
SMITHS FALLS, ON and LONDON, May 22, 2019 /PRNewswire/ – Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) (the “Company” or “Canopy Growth”) has finalized 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 cemented itself as a global leader in natural skincare and sleep solutions with a devout customer base spanning 35 countries.
Headquartered in London, England, This Works offers a range of high-quality natural skincare and sleep solution products that have rewarded the company with a loyal following of customers purchasing their best-known products including 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. This acquisition is a key aspect of a multi-faceted hemp and CBD strategy as Canopy Growth continues to build upon its vertically-integrated production and marketing platform, that currently includes thousands of acres of hemp production across several continents, hundreds of millions of dollars of capital investment into hemp-derived CBD production and processing, rapid expansion across the European Union and other key regions, and the introduction of new CBD-infused products and brands to the global beauty, wellness, and sleep solution space.
This Works CEO, Dr. Anna Persaud, will remain at the helm of business operations post-acquisition to continue moving the company forward. Since joining the company in 2009, Dr. Persaud has worked arduously to develop targeted skin solutions, which combine the brand’s knowledge of the body clock with modern lifestyle learnings, all backed by science. This approach to product development is best evidenced by This Works’ award-winning natural sleep solutions, with 4.2 million pillow sprays sold across Europe, the United Kingdom, China and the United States since the brand’s first deep sleep pillow spray launched in 2011. Together, Canopy Growth and This Works will continue to support all of This Works’ current operations with an accelerated focus on global expansion and product development to include a new line of skincare and sleep solution products infused with CBD.
“Since 2004, This Works has been committed to creating highly effective, natural skin solutions which are rooted in 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,” shared Dr. Anna Persaud. “As a leading wellness brand and a pioneer in sleep beauty products, we are passionate about the opportunity CBD offers beauty consumers. 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.”
“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,” said Bruce Linton, Chairman & Co-CEO, Canopy Growth. “As soon as we met with Dr. Persaud and her team, we knew they were the right partner to embark with on this journey.”
In addition to strengthening Canopy Growth’s product offering, bringing This Works “under the canopy” will enhance the Company’s international footprint and operations within the United Kingdom. In January 2019, the Company announced Spectrum Biomedical UK, a joint venture between Canopy Growth Corporation and Oxford-based research company Beckley Canopy Therapeutics to address the need for high-quality cannabis-based medicinal products in the UK.
Here’s to Future (Cosmetics, Sleep, and overall Wellness) Growth.
About Canopy Growth Corporation
Canopy Growth (TSX: WEED) (NYSE: CGC) is a world-leading diversified cannabis, hemp and cannabis device company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms, as well as medical devices through the Company’s subsidiary, Storz & Bickel GMbH & Co. KG. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time. The Company has operations in over a dozen countries across five continents.
The Company’s medical division, Spectrum Therapeutics is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and furthering the public’s understanding of cannabis, and has devoted millions of dollars toward cutting edge, commercializable research and IP development. Spectrum Therapeutics sells a range of full-spectrum products using its colour-coded classification Spectrum system as well as single cannabinoid Dronabinol under the brand Bionorica Ethics.
The Company operates retail stores across Canada under its award-winning Tweed and Tokyo Smoke banners. Tweed is a globally recognized cannabis brand which has built a large and loyal following by focusing on quality products and meaningful customer relationships.
From our historic public listing on the Toronto Stock Exchange and New York Stock Exchange to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. Canopy Growth has established partnerships with leading sector names including cannabis icons Snoop Dogg and Seth Rogen, breeding legends DNA Genetics and Green House Seeds, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates ten licensed cannabis production sites with over 4.4 million square feet of production capacity, including over one million square feet of GMP certified production space. For more information visit www.canopygrowth.com
Source: Canopy Growth Corporation
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