Drugs

Drake To Launch Marijuana Business In Canada

Drake is the latest celebrity to join the marijuana industry. The rapper has announced a partnership with Canadian pot giant Canopy Growth to establish a company that would produce cannabis in his hometown of Toronto.

The new company More Life Growth Company adds Drake to the long list of actors and artists taking advantage of the growing marijuana industry. Jay-Z, Snoop Dogg, Seth Rogen, Gweneth Paltrow, Willie Nelson, Martha Stewart, Tony Hawk and Whoopi Goldberg are some of the famous faces enjoying the industry, CNN reported Thursday

But Drake signed a unique deal with Canopy Growth. Unlike other celebrities who only promote cannabis or handle advisory roles, the rapper is the majority owner of More Life Growth. 

He will hold 60 percent of the company, while Canopy gets 40 percent stake and distribution rights. More Life Growth already secured license from the Canadian government to cultivate, process and sell cannabis. 

“The opportunity to partner with a world-class company like Canopy Growth on a global scale is really exciting,” Drake said in a statement. “The idea of being able to build something special in an industry that is ever growing has been inspiring.”

The award-winning rapper aims to bring “best-in-class cannabis products to the world," according to Canopy Growth CEO Mark Zekulin.

"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," Zekulin said in a statement. 

Canopy Growth will manage the day-to-day operations and maintenance of More Life Growth. The company expects the partnership with Drake to be a game-changer in the growing cannabis industry, Forbes reported Thursday.

“The transaction demonstrates a dynamic way for celebrities to get involved in an exciting and profitable industry and is reflective of Canada's commitment to leading the global cannabis sector with two iconic Canadian brands working collaboratively to build the More Life Growth Company in Canada and internationally,” Canada-based law firm Cassels, which represented Canopy Growth on the deal, said. 

Canopy Growth runs its retail stores across Canada under its Tweed and Tokyo Smoke brands. 

Drake Drake and Future 2016 Summer Sixteen Tour featuring Baka, Roy Woods, and DVSN at the Air Canada Centre in Toronto. Charito Yap/The Come Up Show/flickr

Loading...
Join the Discussion