Canopy Growth is forming a new cannabis wellness company with musician Drake as it expands its portfolio of celebrity partners, the company announced Thursday.
The Ontario-based cannabis company is launching the More Life Growth Co. with the Canadian rapper. It will be a fully licensed producer of cannabis based in Drake's hometown of Toronto.
"The idea of being able to build something special in an industry that is ever growing has been inspiring," Drake said in a statement.
Drake will own 60% of the More Life Growth Co. with Canopy Growth holding the other 40%. The More Life brand was a previously wholly owned subsidiary of Canopy Growth and is already licensed by Health Canada for the cultivation, processing and sale of cannabis, according to the company.
"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," Canopy Growth CEO Mark Zekulin said.
Drake is the latest celebrity to join the cannabis company's "really big team," as Drake might say. Canopy Growth already has a partnership with comedians Seth Rogen and Evan Goldberg, who together launched Houseplant, a recreational Canadian cannabis company, in March.
Canopy Growth also entered into a business partnership with Martha Stewart in February. Stewart plays an advisory role at the marijuana company and assists in developing hemp-derived CBD products. The partnership includes Sequential Brands Group, a consumer brands company that works with Stewart.
Snoop Dogg, who connected the cannabis company with Stewart, entered into a partnership with Canopy Growth's subsidiary 'Tweed' in 2016 to create the brand "Leafs by Snoop".
Drake has granted More Life Growth Company with exclusive rights to certain intellectual property and brands in Canada and internationally, the company said. Canopy Growth will run the day-to-day operations of the More Life facility and will retain all of the rights to distribute the product that is cultivated at that facility, the release said.
Canopy Growth is down more than 27% year to date and almost 58% over the past 12 months.
