CANADA – Canadian born and multi-Grammy award winner Drake has partnered with Canada’s largest producer of marijuana to launch a fully-licensed cannabis joint venture in Toronto.
Under the deal, Reuters reports that the popular song artists and multi-Grammy award winner will take a 60% stake in a subsidiary of stock-market listed Canopy Growth, which produces cannabis in nearby Scarborough, Ontario.
Recreational marijuana use was legalized in Canada in 17th October 2018 and has since become an attractive business venture for popular music artistes and celebrities.
The move by drake to invest in marijuana business is the latest of an increasing list of artistes and celebrities who have partnered with Canadian cannabis companies since the country approved the use of recreational marijuana.
Other popular celebrities who have joined the marijuana business, lifestyle guru Martha Stewart who joined Canopy early this year as an adviser to develop a line of pot-based products for humans and animals and Rapper Snoop Dogg who has also partnered with Canopy through a unit called Tweed.
Canopy Growth Corporation, formerly Tweed Marijuana Inc., was founded in 2013 in the Canadian province of Ontario.
It was renamed Canopy Growth Corporation in 2015 and experienced exponential growth soon after recreational marijuana was legalized in Canada.
The company has since expanded its footprint outside Canada and currently has a partnership agreement in Spain with pharma company Alcaliber S.A. and owns a subsidiary in Germany that imports medical cannabis, Spektrum Cannabis GmbH.
In 2018, the company acquired Annabis Medical, a distributor in the Czech Republic, and a medical marijuana supplier Lesotho, Africa known as Daddy Cann.
By April 2019, Canopy had about 3,200 employees and was the world’s largest cannabis company based on the value of all shares, or market capitalization
Canopy and Drake said the venture, called More Life Growth Co, would be “centered around wellness, discovery and overall personal growth”.