Cannabis producer Canopy Growth has completed the sale of its This Works skin care and wellness unit to United Kingdom-based Inspirit Capital for 9.3 million pounds (15.9 million Canadian dollars).
The sale, announced Monday, is another step in Canopy’s plan to become an “asset-light” cannabis business with a focus on North American marijuana operations.
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But the sale price is substantially lower than what Canopy paid for London-based This Works in 2019.
In 2019, Canopy acquired the company for approximately CA$73.8 million in cash.
At the time, Canopy said the acquisition was a key aspect of its hemp and CBD strategy and would be an integral part of its entry into the natural wellness industry.
This Works is involved in the production, distribution and sale of beauty, skin care, wellness and sleep products – some of which include hemp-derived CBD isolate.
As part of the latest deal,
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