Canopy Growth (CGC - Get Report) shares were up 0.6% in premarket trading after the company announced that it purchased London-based skincare and sleep solutions company This Works for C$73.8 million.
This Works has built up a following across 35 countries since it was founded in 2004. The company offers a range of natural skincare and sleep solution products, including a deep sleep pillow spray, morning expert hyaluronic serum and a dry leg oil.
This Works CEO Anna Persaud will stay on as head of business operations after the acquisition with Canopy Growth supporting the company's current operations with an accelerated focus on global expansion and product development, including 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," said 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."