Deals

Pot Grower Canopy to Buy British Skin-Care Company

$54 million U.K. purchase aimed at CBD-infused product line
CBD products boom with sales in grocers, department stores

Marijuana plants grow at the Canopy Growth Corp. facility in Smith Falls, Ontario. — Marijuana plants grow at the Canopy Growth Corp. facility in Smith Falls, Ontario.
Photographer: Chris Roussakis/Bloomberg

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By Ellen Milligan

May 22, 2019 at 11:01 AM UTC

This article is for subscribers only.

Canopy Growth Corp. agreed to acquire U.K. skin-care brand This Works for 43 million pounds ($54 million) in cash, the world’s largest cannabis producer’s latest move to expand in Europe.

The purchase will allow Canopy to launch a new range of CBD-infused skin-care and sleep-aid products for global sale, the company said Wednesday. CBD, or cannabidiol, is an active ingredient of cannabis that doesn’t make users high and can be sold in the U.K. when derived from hemp.