Canopy Growth acquires skincare company
On May 22, Canopy Growth (WEED) (CGC) announced its acquisition of This Works, a natural wellness company based in London, England, for a total of 73.8 million Canadian dollars. Canopy Growth has been on the rise today, with its stock gaining by ~3.4% as of around noon.
According to the related press release, This Works has operations in nearly 35 countries, where it provides skincare and sleep solutions products to its customers. Some of the products sold by the company include pillow sprays, skincare products, and eye care products.
Canopy Growth plans to use this acquisition to develop hemp-based CBD (cannabidiol) products for the European Union and other markets. In particular, the company plans to introduce “new CBD-infused products and brands to the global beauty, wellness, and sleep solution space.”
The overall cannabis market has also been on the rise, with the benchmark Horizons Marijuana Life Sciences ETF (HMMJ) gaining ~1.5% as of around 12:00 PM EDT.
Other stocks that are also moving up include Tilray (TLRY), which gained nearly 5.5% after an extended slump. Read Is Tilray Still Looking Expensive after Its Earnings? to learn more.