- Canopy Growth (TSX:WEED) has announced it has sold its This Works skincare and wellness brand to Inspirit Capital
- This Works offers natural skincare and sleep solution products all around the world
- As part of the sale agreement, This Works’ entire leadership, staff and intellectual property will transfer to Inspirit Capital
- Shares of Canopy Growth are down 1.45 per cent to C$0.68 as of 11:03 am ET
Canopy Growth (TSX:WEED) has sold its This Works skincare and wellness brand to Inspired Capital in London, England, for C$15.9 million including cash.
In a news release, the company said This Works’ entire leadership, staff and intellectual property will now be transferred to Inspired Capital.
Canopy Growth will receive an up-front payment of $4.6 million in cash and other considerations, a loan note issued by the buyer and a contingent earn-out.
“We are resolutely focused on achieving North American cannabis market leadership, and this completed sale represents a further step to enable this through the transformation of Canopy Growth into a simplified, asset-light, cannabis-focused business,” David Klein, CEO of Canopy Growth, said in a statement. “In addition to realizing the proceeds from this sale which will further strengthen our financial position, we’re pleased to have found a buyer that is committed to the continued development of the This Works brand.”
Canopy Growth will receive an up-front payment of $4.6 million in cash and other considerations, a loan note issued by the buyer and a contingent earn-out.
The Smith Falls, Ont.-based cannabis firm purchased This Works back in 2019 for $73.8 million to enter into the natural wellness industry.
Founded in 2004, This Works provides a wide range of natural skincare and sleep solution products, including deep sleep pillow spray, morning expert hyaluronic serum and skin-deep dry leg oil.
Canopy Growth is a North American cannabis and consumer packaged goods company. The company delivers innovative products through its brands including Doja, 7ACRES, Tweed, and Deep Space. Canopy Growth’s CPG portfolio includes gourmet wellness products by Martha Stewart CBD, and vaporizer technology made in Germany by Storz & Bickel.
Shares of Canopy Growth are down 1.45 per cent to C$0.68 as of 11:03 am ET.
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