(AllHipHop News) Earlier this week, it was revealed that Drake was launching a new cannabis business.
But more information has been revealed about the venture, thanks to a More Life Growth Company's new partnership with Canopy Growth.
More Life Growth Company is a fully licensed producer of cannabis-based in Drake’s hometown of Toronto, Canada.
According to Drake, the new cannabis venture will be based around wellness, discovery and "overall personal growth with the hope of facilitating connections and shared experiences across the globe."
“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.”
Drake owns 60% of the More Life Growth Company, while Canopy will retain 40% of the venture.
The company is already licensed by Health Canada to cultivate the "cultivation, processing and sale of cannabis" at a huge facility in Scarborough, Ontario dubbed the More Life Facility.
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,” said Mark Zekulin, CEO, Canopy Growth Corporation. “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 will run the day-to-day operations of the More Life Facility, as well as the rights to distribute the product that is cultivated.
Drake has also sublicensed the rights to license More Life Growth brands the company has developed to Canopy Growth, in return for a revenue share.
Canopy Growth is a publicly-traded company worth over $14 billion, but the company is dealing with sluggish sales in Canada.