Multi-Platinum Recording Superstar Drake and Canopy Growth Announce New Cannabis Partnership
Drake is Heading Home and Will Own a Majority Stake in Toronto Based ‘More Life Growth’
The two sides have reached an agreement and are now set to launch the new fully licensed cannabis producer “More Life Growth” in Drake’s hometown of Toronto, Canada. More Life is described as being “centred around wellness, discovery and overall personal growth with the hope of facilitating connections and shared experiences across the globe.”
“When we first began talks with Drake we were extremely inspired by and aligned with his vision to bring best-in-class cannabis products to the world. Drake’s perspective as a cultural leader and entrepreneur combined with Canopy Growth’s breadth of cannabis knowledge will allow our new company to bring an unmatched cannabis experience to global markets,” said Canopy Growth CEO Mark Zekulin.
Drake had the internet buzzing yesterday after the hip-hop star posted a mysterious Instagram post dropping the More Life name and hinting that a big announcement was imminent.
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As per the terms of the deal, Drake will own a 60% stake in the Canopy Growth subsidiary which is producing cannabis in Scarborough, Ontario. Scarborough is located in the Greater Toronto Area otherwise known as the GTA. Canopy Growth will own the remaining 40% of the company.
“The opportunity to partner with a world-class company like Canopy Growth on a global scale is really exciting. The idea of being able to build something special in an industry that is ever-growing has been inspiring. More Life and More Blessing,” stated Drake, founder of More Life Growth.
The trademark application belonging to West Hollywood’s Dream Crew IP states that More Life Growth plans to sell cannabis, dried plants, herb teas, clothing and other pot-related accessories.
“All in all, we couldn’t be more excited to partner with Drake to bring his vision for the More Life Growth Company to global cannabis markets. We anticipate a long, successful, and mutually beneficial working relationship,” added Zekulin.
Canopy Growth is quickly gaining a reputation as the go-to company for celebrities looking to enter the booming cannabis industry. Canopy has already announced high profile deals with Snoop Dogg, Seth Rogen and Martha Stewart.
Canopy Growth’s TSX listed shares saw a small pop in early morning trading but ended up closing today’s session at $25.13, down 1.91% on the day. In total, over 1.28 million shares changed hands today.
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