Less than two years ago, Drake launched his own cannabis business More Life Growth Company in partnership with Canopy Growth Corporation. But on Wednesday (June 2), it was announced the two parties had parted ways.
According to Bloomberg, Canopy Growth said in an email it had divested its participation in Drake’s More Life Growth. Financial statements filed in March show both parties agreed to terminate their sublicense agreement, with Canopy recognizing a C$10.3 million ($8.6 million) impairment on the investment later that month.
“We have indeed divested from More Life and the facility in Scarborough which had been intended to be part of that agreement is now Canopy Growth’s R&D facility, where we will work on plant science and science development projects,” Canopy director of communications Jennifer White said in a statement.
In addition, the corporation also “derecognized” almost C$33.7 million in remaining minimum royalty obligations owing to More Life.
More Life Growth Company partnered with Canopy Growth Corporation in November 2019 in an agreement where Drake would hold a 60 percent stake in More Life, with Canopy controlling the remaining 40 percent.
“The opportunity to partner with a world-class company like Canopy Growth on a global scale is really exciting,” Drake said at the time. “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 was said to be “centered around wellness, discovery, and overall personal growth with the hope of facilitating connections and shared experiences across the globe.”
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Canopy CEO Mark Zekulin added, “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 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.
“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.”
As it turned out, the long relationship didn’t last very long at all.
Everybody knows drake doesn’t even like weed 😀 makes zero Sense for anyone to buy a product endorsed by a celeb who hates said product. But i guess putting drake name on it might just lure in clueless teens.
I agree 100% that rappers should always remain mindful of the fact that their platform can have a substantial & sometimes negative effect on the thoughts & behaviirs of their young boyz coming up behind them….by the way, u aren’t the Killa Cam from the Movie Killa Season r u? U know, the movue that glorified heroin crack & weed back in the day…..
drugs almost destroyed my life.
Yep & that’s why it remains such a profitable endeavor even if it sends the wrong message by hypocrites who don’t smoke themselves….by the way, have u EVER seen Drake in a video WITHOUT a glass in his hand…be it alcohol or lean
Drake the fakest in the game. How did we allow him to take root and grow? We should all be held to account.
We are, esp when we’re nodding our own heads to his lyrics…..