Like many other celebrities, Drake will venture into the cannabis business, which is expected to be highly profitable.
What We Know:
- Drake recently teased about his Canadian cannabis business via Instagram, where he announced his More Life Growth Company. Although his Instagram post didn’t provide much details, Drake has been mischievous by having his team randomly handout flowers throughout Toronto prior to his teaser post and press conference.
- The Toronto born Rapper is collaborating with Toronto’s Canopy Growth Corporation to introduce Canada to More Life Growth Company. The company plans to sell cannabis products including THC and CBD, herbal teas, and apparel merch. According to the Canadian trademark documents, the trademark was filed on October 10th and formalized on November 4th.
- Canopy Growth is known as one of the world’s best-selling cannabis businesses, and we expect their partnership with Drake to do extremely well. Drake owns 60% of the company and Canopy will maintain the remaining 40% of the business.
- Drake gave a statement during his press release expressing his excitement for his future business. “The opportunity to partner with a world-class company like Canopy Growth on a global scale is really exciting,” he 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.”
- As of October 17, 2018, marijuana is legal in Canada. They legalized the drug under the Cannabis Act which states that individuals 18 years or older can legally possess up to 30 grams of cannabis in its dried or “equivalent non-dried form” in public. However, the act also includes strict regulations against anyone under the age of 18 possessing marijuana, which is still illegal.
- The press release also states that “Cassels Brock & Blackwell LLP acted as legal counsel to Canopy Growth and Reed Smith LLP acted as legal counsel to Drake in connection with the transaction”.
We’re wishing Drake the best of luck in the cannabis industry.
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