The cannabis company that partnered with Drake has severed its ties with the Billboard Artist of the Decade.
In an email to the press, the Canopy Growth Corp. says that they are currently “divesting its participation” from the artist’s More Life Growth Company.
Apparently, the business divestiture was amicable as statements filed by The Smiths Falls, Ont. company says that both parties have agreed to end the sublicense agreement earlier this Spring (March).
The cannabis company, which partnered with the Champagne Papi in November of 2019, followed up this statement by saying that it took a $10.3-million impairment on its investment in the More Life Growth Company later that month and “derecognized” almost $34 million in remaining minimum royalty obligations to More Life.
Canopy director of communications Jennifer White said in a statement: “We have indeed divested from More Life and the facility in Scarborough which had been intended to be part of that agreement is now Canopy Growth’s R&D facility, where we will work on plant science and science development projects.”
After the two parted ways, Canopy Growth signed a deal worth $435 million to buy Supreme Cannabis and their brands 7Acres, Sugarleaf, and Hi-way in the United States.
Other brands that are on the company’s roster are Tokyo Smoke, Quatreau, Doja, and Ace Valley, a Toronto company that makes vapes, gummies, and pre-rolls in a bid to attract Gen Z and millennials.
While Drake’s team has not released a statement about the business deal’s dissolution, the rapper is preparing for other business opportunities that are on the immediate horizon.
