The Canadian rapper is the latest celebrity getting into the cannabis biz, partnering with a weed business in his hometown of Toronto.
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This story originally appeared on Benzinga
Canopy Growth Corporation (TSX: WEED) announced Thursday that it has partnered with a Canadian rapper and singer Drake for the purpose of launching a new cannabis company More Life Growth Company.
The new company will be located in Drake’s hometown of Toronto, and it will produce cannabis focusing on wellness and personal growth.
As part of the deal, Canopy Growth has issued shares to certain entities that are controlled by Drake, upon which Drake has obtained a 60 percent ownership of More Life Growth Company, while the remaining 40 percent retained Canopy Growth.
“When we first began talks with Drake we were extremely inspired by and aligned with his vision to bring best-in-class cannabis products to the world,” Canopy CEO Mark Zekulin said in a statement. “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.”
Drake has previous professional experience in brand launching and the company thinks he will bring innovative spirit to the industry.
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“The opportunity to partner with a world-class company like Canopy Growth on a global scale is really exciting,” Drake said. “The idea of being able to build something special in an industry that is ever growing has been inspiring. More Life and More Blessing.”
Canopy Growth’s shares traded 3.35 percent higher at $ 20.07 in Thursday’s pre-market session.