SMITHS FALLS, Ont. – Canopy Growth Corp. says it has sold its This Works skin care and wellness brand to a U.K. investment firm.<\/p>\n
The Smiths Falls, Ont.-based cannabis company says the deal with Inspirit Capital is valued at up to $15.9 million.<\/p>\n
Under the deal, Canopy will receive an upfront payment of $4.6 million in cash and in other consideration, a loan note issued by Inspirit Capital and payments for reaching unspecified milestones.<\/p>\n
Canopy says the deal has already closed and This Works' leadership team, staff, and intellectual property will transfer to Inspirit Capital.<\/p>\n
The pot firm purchased This Works for $73.8 million in 2019, saying the London-based company founded in 2004 would be integral to Canopy's entry into the natural wellness industry.<\/p>\n
This Works sells everything from moisturizers and cleansers to fragrances, sleep sprays and body oils.<\/p>\n
"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," said Canopy chief executive David Klein in a statement announcing the sale on Monday.<\/p>\n
"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."<\/p>\n
This report by The Canadian Press was first published Dec. 18, 2023.<\/span><\/em><\/p>\n Companies in this story: (TSX:WEED)<\/span><\/em><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" SMITHS FALLS, Ont. – Canopy Growth Corp. says it has sold its This Works skin care and wellness brand to a U.K. investment firm. The Smiths Falls, Ont.-based cannabis company says the deal with Inspirit Capital is valued at up to $15.9 million. Under the deal, Canopy will receive an upfront payment of $4.6 million […]<\/p>\n","protected":false},"author":362,"featured_media":749,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"guid":"","source":"The Canadian Press","byline":"The Canadian Press","published":"2023-12-18T03:38:15","updated":"2023-12-18T22:00:00","_infotelid":"IT102189","_prepressid":"102189","_multisite_post_sync":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[379,2,391,381],"tags":[],"region":[309,310,311,312],"class_list":["post-750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured3","category-in420","category-nonit","category-topnews","region-kamloops","region-kelowna","region-penticton","region-vernon"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":7}},"parsely":{"version":"1.1.0","canonical_url":"https:\/\/infonews.ca\/in420\/news\/750\/canopy-growth-sells-this-works-skin-care-brand-to-u-k-investment-firm-2\/","smart_links":{"inbound":0,"outbound":0},"traffic_boost_suggestions_count":0,"meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Canopy Growth sells This Works skin care brand to U.K. investment firm","url":"http:\/\/infonews.ca\/in420\/news\/750\/canopy-growth-sells-this-works-skin-care-brand-to-u-k-investment-firm-2\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/infonews.ca\/in420\/news\/750\/canopy-growth-sells-this-works-skin-care-brand-to-u-k-investment-firm-2\/"},"thumbnailUrl":"https:\/\/infonews.ca\/in420\/wp-content\/uploads\/sites\/3\/MediaItemID102189-3055.jpg?w=150&h=150&crop=1","image":{"@type":"ImageObject","url":"https:\/\/infonews.ca\/in420\/wp-content\/uploads\/sites\/3\/MediaItemID102189-3055.jpg"},"articleSection":"featured3","author":[{"@type":"Person","name":"Howard Alexander"}],"creator":["Howard Alexander"],"publisher":{"@type":"Organization","name":"iN420","logo":""},"keywords":[],"dateCreated":"2023-12-18T11:38:15Z","datePublished":"2023-12-18T11:38:15Z","dateModified":"2023-12-19T06:00:00Z"},"rendered":"