A London skin-care company is the latest acquisition for Canada’s Canopy Growth, a marijuana producer that is deploying capital around the globe to gain traction for its hemp-derived CBD products.
Canopy announced Wednesday it spent 43 million pounds ($54 million) to purchase This Works, which makes skin-care products and a sleep-aid pillow spray.
This Works does not currently offer CBD-infused products.
The all-cash transaction, which gives Canopy ready access to the European Union through a skin-care brand that is already sold there, is “a key aspect of a multifaceted hemp and CBD strategy,” according to Canopy.
Canopy is based in Smiths Falls, Ontario, and trades on the New York Stock Exchange as CGC.