Posted on Friday May 24, 2019
London-based international law firm, Mackrell Turner Garrett, has acted on the sale of skincare brand, This Works, to the world’s largest cannabis producer Canopy Growth.
The deal, worth around £43 million, was secured with the help of Keith Provins, Head of the Corporate Department at Mackrell Turner Garrett, and his team who acted for the shareholders of the skincare brand.
Well-known for its unique pillow spray and other beauty products, This Works has no previous experience working within the cannabidiol (CBD) industry, but it is expected that the deal will provide Canopy Growth with access to the skincare and sleep aid industries.
With customers in more than 35 countries and a focus on all-natural products, it is thought the sale to Canopy Growth could cement This Works place as a leader in the market.
Mackrell Turner Garrett also has one of the leading Cannabis Law Teams in the UK.
Mackrell Turner Garrett’s involvement with This Works started back in 2015 when it acted for Tengram Capital Partners, the private equity firm, on its original investment into This Works in 2015.
Speaking about the successful transaction, Keith Provins said: “We are delighted to be the law firm of choice for This Works. This is a relationship that began in 2015 when Tengram Capital Partners invested in the brand. Knowing CBD related products to be a fast-growing area of interest internationally, this deal brings together two extremely successful businesses who can support each other’s vision to bring commercially viable products to the market using their own unique and extensive expertise.”
“We are delighted to have assisted This Works over the past four years and to have been involved with Tengram Capital Partners since their original investment.”