By Chloe Aiello
Canopy CEO Bruce Linton sees big opportunity in hemp and CBD ー and his Canadian pot giant has acquired a $54 million skincare company to prove it.
Canopy Growth agreed to acquire British skincare company This Works for $54 million in cash on Wednesday, granting it access to a customer base and distribution network for consumer packaged goods that spans 35 countries. Following the acquisition, CEO Bruce Linton said Canopy will likely add a new, CBD-infused line of skincare products to the brand.
“This Works has a platform where they are in 35 countries, they have products people trust and think are terrific. What we want to do is take that, expand where they are and add a whole new product set,” Linton said.
CBD, or cannabidiol, is a cannabinoid derived from hemp or cannabis that is purported to be beneficial for everything from reducing inflammation to helping relieve anxiety.