Skincare brand This Works acquired by cannabis firm for £43m

By

Barbara Santamaria

Published
May 22, 2019

London-based skincare company This Works has been acquired by Canadian cannabis company Canopy Growth in a £43 million deal.

The cosmetics and sleep solutions brand founded in 2004 will continue to be led by chief executive officer Anna Persaud, who will work with Canopy Growth to accelerate its global expansion and product development.

The transaction marks Canopy Growth's entry into the beauty and natural wellness industry, growing a portfolio that includes several cannabis brands such as Tweed and Tokyo Smoke. Canopy Growth said the investment is part of a multi-faceted strategy to introduce new CBD-infused products and brands to the global beauty, wellness and sleep solution space.

This Works sells natural skincare products such as moisturisers, cleansers, face masks, sun creams and face masks. But the brand’s best-selling category is pillow sprays, with 4.2 million of these products sold across Europe, the UK, China and the US since 2011.

The partnership with Canopy Growth will see This Works introduce a new line of CBD-infused skincare and new sleep solution products.

"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 CEO Anna Persaud.

“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."

Bruce Linton, chairman & co-CEO of Canopy Growth added: “We believe CBD has the potential to disrupt the cosmetic and sleep solution industries and have been working for years to build and establish the right entry point into this opportunity."