Drake to Launch More Life Growth Cannabis Company

Canadian singer Drake is partnering with Canopy Growth to launch a cannabis company called More Life Growth, which will sell recreational cannabis and smoking accessories. The company will operate in both the Canadian and international markets.

Drake-Branded Cannabis Products

According to the agreement, Drake will own 60% of More Life Growth, while the remaining 40% will be controlled by Canopy Growth. The company will have exclusive rights to use Drake’s intellectual property to release new cannabis products under his brand. Canopy Growth will serve as the exclusive distributor of More Life products in Canada. Production will take place at a facility in Scarborough managed by Canopy.

Drake commented on his decision to enter the cannabis business: “I’m excited to partner with a world-class company like Canopy Growth. The idea of doing something special in the rapidly growing cannabis industry inspires me.”

Drake to Breathe New Life into Canada’s Cannabis Market

This year, major Canadian cannabis companies have reported losses due to low sales volumes. Commercial forecasts for revenue growth have not materialized, leading many investors to sell off shares and causing a strong bear trend in the stock market. For example, Canopy Growth’s stock price dropped 60% in six months (from $48.04 to $19.42).

Analysts believe that Drake’s involvement in promoting More Life Growth will help boost consumer interest in cannabis products. John York, president of marketing firm Rain43, says the rapper has outstanding entrepreneurial skills: “Everything he does has commercial value. Drake focuses only on modern and promising industries. He always manages to be at the center of trending businesses.”

Drake’s net worth is estimated at $150 million. He has invested in the restaurant business, real estate, esports, and the film industry. In 2016, he co-founded the premium whiskey brand Virginia Black Whiskey with former financier Brent Hocking. In its first year, the company sold 30,000 bottles worldwide. In 2019, Drake ranked fifth on Forbes’ list of the world’s richest rappers. Jay-Z holds the top spot, with assets valued at $1 billion.