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Canopy Growth Acquires This Works for $73.8 Million

Published May 24, 2019
Published May 24, 2019
This Works

Canopy has been building out its product portfolio with acquisitions since it received a $4 billion investment from Constellation Brands, the owner of Corona, and Robert Mondavi in 2018. Canopy Growth Corp has acquired beauty business This Works in an all-cash transaction of $73.8 million.

WHO: Headquartered in London and founded in 2004, This Works offers a range of high-quality natural skincare and sleep solution products that have rewarded the company with a loyal following of customers purchasing their best-known products including deep sleep pillow spray, morning expert hyaluronic serum, and skin deep dry leg oil. Through their unique approach of formulating solutions that work in harmony with the 24-hr body clock, This Works has evolved its product lines beyond a traditional viewpoint to a more complete regimen that maximizes skin—and overall wellness—at every phase of the day, starting with a good night’s sleep.

Canopy Growth is a world-leading diversified cannabis, hemp, and cannabis device company. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site, and country at a time. The company has operations in over a dozen countries across five continents.

Tengram Capital Partners is a private equity firm that focuses exclusively on leading consumer and retail companies that own strong recognizable brands. The team has a diverse background of consumer investing and operating expertise that assists and guides company management to unlock the true potential of their brand. Tengram invests in both traditional “growth” and “restructuring/turnaround” situations in either the public or private sectors. Current beauty investments for Tengram include ReVive, Algenist, Cos Bar. Prior investments include NEST Fragrances, DevaCurl, and Laura Geller Beauty.

WHY: The acquisition of This Works gives Canopy, which focuses on medical, health and wellness, and recreational hemp, a foothold into beauty and wellness. This acquisition is a key aspect of a multifaceted hemp and CBD strategy as Canopy Growth continues to build upon its vertically integrated production and marketing platform that currently includes thousands of acres of hemp production across several continents, hundreds of millions of dollars of capital investment into hemp-derived CBD production and processing, rapid expansion across the European Union and other key regions, and the introduction of new CBD-infused products and brands to the global beauty, wellness, and sleep solution space.

IN THEIR OWN WORDS: “We’re framing up a line of business which, in part, will be driven by CBD as an active ingredient set, so we needed some party to work with that actually felt that science was important to getting it right, and having a brand and reputation based on outcome,” said Bruce Linton, Chief Executive Officer of Canopy Growth. “With the number of countries [This Works is] operational in, this is not a single regional success … the brand and the product work across multiple markets, which means as you extend [them], that should also be the case.”

“Since 2004, This Works has been committed to creating highly effective, natural skin solutions which are rooted in science and proven to work. We are excited about this new chapter in our company’s history and the opportunity to join Canopy Growth, the world’s leading diversified cannabis and hemp company,” shared Dr. Anna Persaud, Chief Executive Officer at This Works. “As a leading wellness brand and a pioneer in sleep beauty products, we are passionate about the opportunity CBD offers beauty consumers. Canopy Growth will provide the expertise, research, scientific rigour and quality assurance that will allow This Works to drive the agenda in wellness beauty’s ever-evolving market.”

“The interesting thing about This Works is it's viewed much more as a wellness brand than a beauty brand because of its [success in] sleep.… This Works has never been just a skin-care brand—it’s about wellness,” said Rich Gersten, partner at Tengram.


  • Canopy Growth Corp. has acquired beauty business This Works for 43 million pounds.
  • According to WWD, industry sources estimated the company has between $10-$15 million pounds in sales.
  • Chief Executive Officer Anna Persaud said the business has posted a 39% compound annual growth rate over the past five years and is sold in 35 countries.
  • Together, Canopy Growth and This Works will continue to support all of This Works’ current distribution with an accelerated focus on global expansion and product development to include a new line of CBD skincare and sleep solutions.
  • Canopy has been building out its product portfolio with 30 acquisitions since it received a $4 billion investment from Constellation Brands, the owner of Corona, and Robert Mondavi, in 2018. In April, the business invested in High Beauty, which makes skincare that contains hemp seed oil and is sold at Sephora.
  • This Works has been backed by private equity firm Tengram Capital Partners since 2015.
  • This Works CEO, Dr. Anna Persaud, will remain post-acquisition to continue moving the company forward.

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