The Smiths Falls, Ont.-based company has signed a deal to buy London-based This Works—which makes natural skincare products and sleep solutions, such as lotion or pillow sprays—for $73.8 million. Canopy said it will work with the firm to develop a new line of skincare and sleep products infused with CBD, the non-psychoactive compound derived from cannabis.(CBC)
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The Smiths Falls, Ont.-based company has signed a deal to buy London-based This Works—which makes natural skincare products and sleep solutions, such as lotion or pillow sprays—for $73.8 million. Canopy said it will work with the firm to develop a new line of skincare and sleep products infused with CBD, the non-psychoactive compound derived from cannabis.(CBC)
Talking point: Much of the Canadian cannabis industry has been focused on edibles leading up to their planned legalization this October, but this acquisition shows the potential of infusing CBD into other consumer products. Canopy has made a number of international acquisitions over the past few months, including a $3.4-billion deal to buy American cannabis company Acreage—giving Canopy access to the much larger American market—and the acquisition of Cafina, a Spanish licensed producer. Canopy’s stock climbed on Wednesday’s news, up over two per cent at close.
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