Drake and Canopy Growth to Launch Joint Cannabis Venture
World-famous rapper Drake is officially entering the cannabis industry. Teaming up with one of the biggest cannabis companies, Canopy Growth, Drake is set to launch “More Life Growth,” a pot venture.
“More Life Growth” will be based in Drake’s hometown of Toronto and will sell recreational and medical cannabis — THC and CBD — as well as various accessories and clothing.
The hip-hop star will have a 60% stake in the company, while Canopy Growth will own the remaining 40% share and the sole right to nominate their own two members to the Board of directors. The company will also be in charge of daily operations and maintenance, including product distribution. The Canadian rapper, on the other hand, will have the exclusive right to all intellectual property connected to the company’s products, brand, and merch sales.
After dropping numerous clues about his involvement in the cannabis industry, including Instagram posts and the flower bouquet that was given out across Toronto, Drake finally announced the start of the venture on Thursday.
He said that he was excited by the opportunity to team up with a “world-class company like Canopy Growth” that would help create “something special” in a market that is constantly developing and growing.
Drake joins the likes of Snoop Dogg, Seth Rogen, and Martha Steward as the latest celebrity to partner with Canopy Growth. This venture comes at the nick of time for the company which has taken several hits lately — such as a sharp decline in profit, and the dismissal of its co-founder and CEO, Bruce Linton.
There is no doubt that Drake’s celebrity status will bring about a boost in sales as well as contribute to the popularity of legal cannabis in Canada, yet, Health Canada’s strict regulations regarding production and sales of cannabis should not be underestimated.