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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 solution products to consumers around the world.
“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,” Canopy CEO David Klein said.
“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,” Klein added.
Dr. Anna Persaud, CEO at This Works, seconded Klein.
“We’re proud of the legacy that This Works has built as part of the Canopy Growth family," Persaud said. "Through dedication to the creation of innovative products and formulations we have deepened customer loyalty and expanded our global footprint."
Canopy's shares traded 2.7366% lower at $0.5047 per share at the time of writing on Monday morning.
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