Canadian superstar musician Drake has announced the launch of his new Cannabis business with the largest Cannabis company in the world. The rapper has teamed up with Canopy Growth to distribute both recreational and medicinal Cannabis products.
The venture, More Life Growth Company, is 60% owned by Drake. The remaining 40% of the company is owned by the Canadian Cannabis company, Canopy Growth. Drake teased at the launch on Instagram on Wednesday, with an image captioned simply, “@morelife”.
CEO of Canopy Growth, Mark Zekulin, said in a statement:
“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.”
The new partnership may have come at a good time for Canopy Growth. Despite being the biggest Cannabis company in the world, 2019 has seen Canopy suffer a 60% decrease in its share value. However, Bloomberg claimed that celebrity endorsements may drive consumer recognition, but don’t always contribute to increased value to shareholders.
Other celebrities that have previously partnered with Canopy Growth, include Snoop Dogg and Martha Stewart. Jay Z, Seth Rogen, and Whoopi Goldberg have also entered the Cannabis business with other companies.
In a press release, referring to the Cannabis business, Drake stated:
“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.”
According to its Copyright application, More Life plans to produce and market recreational and medicinal Cannabis products, containing both THC and CBD. It also has future plans to develop a fully-branded footwear and clothing line.
Recreational Cannabis was legalised in Canada on 17th October 2018. One year later, the government passed a law to also allow the production and sale of Cannabis edibles, extracts, and topicals. Medical Cannabis has been legal in the country since 2001. To date, 11 states (including Washington D.C.) have also legalised the recreational use of Cannabis.