Drake is getting into the cannabis business.
Together with cannabis producer Canopy Growth Corp, the musician and entertainer is launching the More Life Growth Company, a licensed cannabis producer based in Drake’s hometown Toronto.
“The opportunity to partner with a world-class company like Canopy Growth on a global scale is really exciting,” said Drake in a statement.”The idea of being able to build something special in an industry that is ever growing has been inspiring. More Life and More Blessing.”
More Life Growth will assume ownership of a production facility in Scarborough, Ontario that is licensed by Health Canada for the cultivation, processing and sale of cannabis. Canopy Growth will continue to operate the facility and retain the rights to distribute its product, the company said.
Following issuance of shares, Drake will own 60 per cent of More Life Growth, with Canopy Growth retaining 40 per cent. Canopy said more details on the company will be released in weeks to come.
“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,” said Mark Zekulin, CEO, Canopy Growth Corporation in a press release.
U.S.-listed shares of Canopy, which last year drew a major investment from Corona-brewer Constellation Brands, rose around 3 per cent in early trading.
Drake is just the latest of a list of artistes and celebrities who have partnered with Canadian cannabis companies since the country approved the use of recreational marijuana.
Earlier this year, lifestyle guru Martha Stewart joined Canopy as an adviser to develop a line of pot-based products for humans and animals.
Rapper Snoop Dogg has also partnered with Canopy through a unit called Tweed.
With files from Reuters