London-based investment firm Inspirit Capital has acquired British sleep and skincare brand This Works from Canopy Growth Corporation as they move to focus on their North American cannabis operations.
WHO: Founded in 2003, London-based 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-hour 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.
Launched in 2019, Inspirit Capital is a London-based investment firm. They specialize in investments into small and medium-sized UK-headquartered businesses being divested by large corporations, be it due to underperformance, no longer being core to the parent company’s strategic objectives, or to remedy competition concerns.
WHY: Divestiture of the skincare and wellness brand is aligned with Canopy Growth's focus on North American cannabis operations.
IN THEIR OWN WORDS: "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 David Klein, CEO, Canopy Growth. "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."
"We're proud of the legacy that This Works has built as part of the Canopy Growth family. Through dedication to the creation of innovative products and formulations we have deepened customer loyalty and expanded our global footprint. As we take this next step, we look forward to working with the leadership of Inspirit Capital to further the brand's growth and long-term success," said Dr. Anna Persaud, CEO, This Works.
"We are excited to invest in This Works and support Anna and the team pursue their ambition for the business. They are well positioned to capitalise on the ongoing growth in consumer interest in sleep and wellness, given the strong brand equity and their track record of product innovation. This deal also further underlines Inspirit's status as a trusted partner for delivering divestments from corporate vendors," said Will Stamp, Partner at Inspirit Capital.
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