Drake gets into cannabis business with Canopy Growth partnership

Drake gets into cannabis business with Canopy Growth partnership

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 major player in the legal pot industry. The joint venture, dubbed More Life Growth Co., will see Canopy expand its celebrity partnership portfolio to include the 33-year-old musician famous for such hits as God’s Plan, Hotline Bling and Best I Ever Had in the hope his presence can help bolster flagging cannabis sales in Canada.  “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.” Under the terms of the arrangement announced Thursday, Drake will own 60 per cent of More Life Growth, with Canopy owning the remaining stake and having the right to nominate two members to the company’s board. In exchange, Drake granted More Life the right to “exclusively exploit certain intellectual property and brands” in association with cannabis and cannabis-related products and merchandise. Those international rights could expire after 18 months depending on certain performance conditions. Meanwhile,…

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