Canopy Growth expanding into CBD beauty and wellness with acquisition of This Works
Canopy Growth Corporation (TSE:WEED) has announced on Wednesday that it has plans to buy skincare company This Works for a respectable $73.8 Million CAD ($55.2 million USD), which is set to add beauty and sleep products to the Canadian cannabis cultivators portfolio of CBD oil, hemp products and medicinal capsules. London based beauty and skin Care Company This works, has been in operation since the year 2003, created by former beauty director of Vogue UK, This Works designs and manufactures pillow sprays that assist their consumers to sleep faster and lock in skin moisture. In addition they also produce body oils and eye care products, all which have been proved to be beneficial when combined with CBD.

A spokesperson for Canopy Growth said in a recent interview that the acquisition of This Works fits perfectly with their current strategy of international expansion, and would be extremely beneficial to their development of CBD infused products and brands for the global health and beauty sector. Canadian based Cannabis Company Canopy Growth said in February that international lifestyle guru Martha Stewart would be joining the company as an adviser to help design and develop a line of Cannabis based products for both humans and animals.
The main use of Cannabis in the ‘health’ sector is the derivative of the plant CBD. After years of trials and research it has been seen to reduce anxiety, and be extremely beneficial to a multitude of other illnesses without the cannabis ‘High’. What we have seen over the course of the last few years is an increase use of CBD based products in the health and wellness sector, with many companies utilizing its pain reducing, and anti-inflammatory properties.

Beauty chain LVMH’s Sephora has been making the most out of the industry, and have been selling CBD Infused products since early in 2018, while there direct competition Hempz brand has most recently launched even more CBD products, creating a diverse range to the sector. IEC analysts are predicting that the CBD health and wellbeing market will be a minimum of a $25 Billion USD industry over the course of the next 5-10 years, and will account for over 15% of the global skincare revenue.

Benjamin Rheed – IEC International