UK consumers better prepare themselves for an onslaught of CBD skin care and wellness products by the look of it
The purchase will allow Canopy to launch a new range of CBD-infused skin-care and sleep-aid products for global sale, the company said Wednesday. CBD, or cannabidiol, is an active ingredient of cannabis that doesn’t make users high and can be sold in the U.K. when derived from hemp
The CBD market is booming in the U.K. with products containing the compound now available in grocers Tesco Plc and J Sainsbury Plc as well as the high-end Harrods department store. Sales of CBD-based products are expected to be worth 12.5 billion pounds worldwide by 2025, according to the companies
London-based This Works, founded in 2004 and known most widely for a sleep-aiding pillow spray, doesn’t currently make CBD-infused products. Chief Executive Officer Anna Persaud will continue to lead the company’s operations after the acquisition. Its products are currently sold across Europe, the U.S. and China.
The deal will play a key part in Smiths Falls, Ontario-based Canopy’s European expansion strategy and its entry into the health and wellness industry. The company is already collaborating with an Oxford, England-based research organization on clinical trials examining the use of cannabis for treatment of opioid dependence and cancer-induced pain.