Canopy Growth acquires skin-care company for $74M

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 said 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 skincare 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 said 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.