Canopy Growth announces completed sale of This Works

Canopy Growth announced that the Company has completed the divestiture of its This Works skincare and wellness brand to Inspirit Capital, a London-based investment firm. The transaction is valued at up to GBP 9.3MM including cash. Canopy Growth will receive an upfront consideration of GBP 2.7 MM in cash and in other consideration, a loan note issued by the buyer, and a contingent earn-out. “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.”