Drake is entering the cannabis industry with the launch of his new company, More Life Growth Co.
Toronto-born rap star Drake has launched a joint venture in his hometown with Canopy Growth, a large stock market-listed cannabis company based in Scarborough, Ontario. Drake’s company, More Life Growth Co., will produce and sell cannabis products, the two companies revealed on Thursday. The deal will see Drake receive a 60% stake in a subsidiary of Canopy Growth.
The markets reacted to the news quickly with a 3% rise in Canopy Growth’s stock (CGC.N) during early trading. Since the Canadian government legalized cannabis for recreational use, several celebrities have partnered up with Canadian cannabis companies. In a joint statement, Canopy Growth and Drake stated that the new company will be “centered around wellness, discovery and overall personal growth”.
Drake is the latest celebrity to take part in the Canadian cannabis industry. Snoop Dogg earlier partnered with Canopy Growth through Tweed, another cannabis company. Martha Stewart also joined Canopy Growth as an adviser, helping the company develop a line of cannabis products for both people and animals.