WEED - Canopy Growth Sells Skincare & Wellness Brand For $11.7M Streamlines Focus To Cannabis | Benzinga
Canopy Growth Corporation (TSX:WEED) (NASDAQ:CGC) completed a divestiture of its This Works skincare and wellness brand.
Inspirit Capital, a London-based investment firm, paid up to £9.3 million ($11.7 million) including cash.
Smiths Falls, Canada-based Canopy Growth will receive an upfront consideration of £2.7 million in cash and in other consideration, a loan note issued by the buyer, and a contingent earn-out.
See Also: Canopy Growth To Consolidate Shares To Meet NASDAQ Requirements
Under the completed sale agreement, This Works’ leadership, staff, and intellectual property will transfer to Inspirit Capital.
The move comes on the heels of the closing of the sale of BioSteel Canada and BioSteel Manufacturing, LLC for gross proceeds of $30.4 million.
London-based This Works offers a range of high-quality natural skincare and sleep ...