Canopy Growth announced that it has completed the divestiture of its This Works skincare and wellness brand to Inspirit Capital, a London-based investment firm.
Headquartered in London, England, This Works offers a range of natural skincare and sleep solution products to consumers. In accordance with the completed sale agreement, This Works' leadership, staff, and intellectual property will transfer to Inspirit Capital.
"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," says David Klein, CEO, Canopy Growth. "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."
"We're proud of the legacy that This Works has built as part of the Canopy Growth family. Through dedication to the creation of innovative products and formulations we have deepened customer loyalty and expanded our global footprint. As we take this next step, we look forward to working with the leadership of Inspirit Capital to further the brand's growth and long-term success," adds Dr. Anna Persaud, CEO, This Works.