Drake‘s More Life Growth brand is now out of business after the deal with Canadian cannabis producer Canopy Growth Corp failed. The rapper reportedly owns 60% of the shares of the partnership, while Canopy owns 40%.
According to Bloomberg, the agreement with More Life and Canopy ended sometime in March after a mutual agreement to terminate their sublicense agreement which was signed in 2019. Statements show that Canopy has lost approximately CAD$10.3million on the investment.
A spokesperson from Canopy Growth confirmed the agreement ending but said that some facilities will continue to operate. According to Jennifer White, director of communications at Canopy Growth, Canopy will continue to do research and development in Canada.
“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,”
Bloomberg is reporting that Canopy has “derecognised” almost CAD$33.7 million in remaining minimum royalty obligations owed to More Life.
Meanwhile, it seems that Drake’s fondness for marijuana was what led to the business venture. Although weed was legalized in Canada in 2018, Drake has disclosed he has been using weed since 2012, mostly to deal with the fame that comes with his rap career.
Drake company’s name is also the name of his 2017 album and included track names which are popular names for strains of marijuana such as “Passionfruit,” “Get It Together,” and “KMT.”
The Toronto-born rapper has had many business ventures, which include champagne and even candles. He was recently awarded Artist of the Decade at the Billboard Music Awards 2021.