Drake opens his new cannabis company
Drake is collaborating with Canopy Growth Corp. for a partnership to sell recreational cannabis products in his home country Canada, a decision that could rapidly make Drake become a significant player in the legal cannabis industry.
The partnership known as More Life Growth Co. will see Canopy extend its big-name organization portfolio, adding the hip hop giant who is famous for songs such as God’s Plan, Hotline Bling, and more. The partnership with Drake is aimed at increasing cannabis sales.
According to Drake, “The chance to collaborate with a world-class organization like Canopy Growth on a worldwide scale is truly energizing.” “Being ready to manufacture something extraordinary in an industry that is regularly developing has been motivating.”
Drake is teaming up with Canopy Growth Corp. for a new venture to sell recreational cannabis and accessories in Canada and abroad, a move that could quickly establish the hip-hop superstar as a significant player in the legal pot industry.
According to the details of the contract, which was announced on Thursday, Drake will possess 60 percent of More Life Growth, with Canopy owning the rest of the shares and have the privilege to choose two members to the company’s board.
In return, Drake offered More Life the privilege to “exclusively use certain intellectual assets and brands” linking with cannabis and cannabis-related items and product. Those global rights could lapse after some time based on individual performance strategies. Canopy has sublicensed those rights in Canada in which it can only distribute More Life products.
More Life will be responsible for a licensed Scarborough, Ont.- based cannabis manufacturing agency which Canopy will certainly operate and regulate.
The release of the mixtape called More Life was used in naming the brand, and this comes at the time when the cannabis industry is rising. Canadian licensed producers have experienced increased sales despite the slow start of legalization. However, the presence of a superstar like Drake will drive more investors to enter the cannabis industry.
The decision for Canopy to include Drake as a partner marginally reinforces the Smiths Falls, Ont.- based organization’s profile, which has endured several stumbles in its stock.
According to Drake, the attempt to become an influencer in the marijuana industry is an excellent opportunity for an artist who is always on top charts in the hip hop world. According to Forbes, Drake earned US$75 million in 2019. He also surpassed The Beatles for having the most Top 10 tunes on the Billboard Hot 100 in a single year. He additionally surpassed Michael Jackson in 2018 for the most No. 1 songs by a male solo artist with 38 chart-toppers.
Forbes projects that Drake’s worth is up to US$150 million, with his total assets expanding by 50 percent in the previous year. This is due to his high investments and business ventures, which he does when he is not in the studio.
Drake’s recent investment in the legal pot industry is due to numerous prominent ventures in the alcohol sector. In 2016, Drake released Virginia Black whiskey, which sold 30,000 cases in its launch year alone, according to his associate Brent Hocking. At the beginning of the year, Hocking and Drake collaborated to launch Mod Sélection Champagne.
In 2018, Drake shifted to esports, turning into a co-founder of startup 100 Thieves. The business is now valued at US$125 million as of July due to a new round of financing. Drake also has contracts with big companies Coca-Cola Co’s. Sprite, Nike Inc. and, Apple Inc.