Drake’s More Life Growth Company joins the ranks of celebrity-driven cannabis partnerships with Canopy Growth, which has been in a protracted slump.
- Drake, whose net worth Forbes estimated to be $150 million in 2019, teamed up with Canopy Growth, the world’s biggest cannabis company by market value.
- The company is 60% owned by Drake, with Canopy holding the remaining 40%.
- According to More Life’s trademark filing, the company wants to sell weed along with a host of medicinal herb products and potentially a full range of clothing.
- Drake teased the announcement on his Instagram, posting a video with the caption simply reading “@morelife.”
- But Canopy has stumbled through 2019, having fired its founder in addition to suffering a 60% drop in its share value and having half a billion dollars in negative cash flow by August.
- Bloomberg reported that celebrity partnerships can drive brand recognition, but may not do much to bump up value for shareholders.
Canopy Growth Corporation CEO Mark Zekulin said that the company was ‘inspired’ by Drake’s vision in bringing ‘best-in-class’ marijuana across the world. ‘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,’ he stated. ‘All in all, we couldn’t be more excited to partner with Drake to bring his vision for the More Life Growth Company to global cannabis markets.’