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Canopy Growth buys skin care company This Works for £43M in cash

Canopy Growth Corp. finalized an all-cash deal to acquire This Works, a company developing skin care and sleep solution products, for £43 million in cash.

The acquisition of London-based This Works will help in the Canada-based cannabis company's entry in the natural wellness industry, strengthen its product offering and enhance its international presence within the U.K., the company said in a news release.

Canopy Growth says the company will continue to support all of This Works' current operations after the acquisition, with a focus on product development to include a line of skincare and sleep solution products infused with cannabidiol.

"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," Canopy Growth Chairman and co-CEO Bruce Linton said.

Meanwhile, This Works CEO Anna Persaud will remain in the position after the acquisition.