Canopy Growth announces joint venture with Drake
Drake now majority owner of More Life Growth, which plans to sell cannabis and related products
The biggest of Canada's new brand of marijuana producers will join forces with Toronto-born rap star Drake to launch a fully licensed joint venture in the city to produce and distribute cannabis, the two sides said on Thursday.
Under the deal, the multi-Grammy award winner will take a 60 per cent stake in a subsidiary of stock-market listed Canopy Growth, which produces cannabis in Scarborough, Ont.
Canopy and Drake said the venture, called More Life Growth Co., would be "centred around wellness, discovery and overall personal growth." Canopy will own the remaining 40 per cent of the subsidiary.
"Drake's perspective as a culture 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," CEO Mark Zekulin said in a statement.
Drake teased the announcement earlier this week with an Instagram post and Toronto-based public relations campaign.
U.S.-listed shares of Canopy, which last year drew a major investment from Corona brewer Constellation Brands, rose around three per cent in early trading.
More Life Growth, in a trademark application from Dream Crew IP based out of West Hollywood, Calif., plans to sell cannabis, dried plants, herb teas and clothing products.
Drake is just the latest in a list of celebrities who have partnered with Canadian cannabis companies since the country approved the use of recreational marijuana.
With files from CBC News