Drake’s More Life Growth Co. and Canadian cannabis producer Canopy Growth Corp. have parted ways, Bloomberg reports.
The news arrives after the companies announced their partnership in November 2019. “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,” Jennifer White, director of communications at Canopy Growth, told the outlet.
Together, More Life Growth and Canopy were going to sell marijuana in the Canadian and global markets. The two companies’ initial agreement gave Drake a 60 percent stake in More Life while Canopy owned 40 percent. More Life was already licensed to cultivate, process, and sell weed. Canopy’s financial statements from earlier this week revealed that both parties agreed to the termination, though it’s unclear why.
Canopy acknowledged a C$10.3 million ($8.6 million) impairment charge on the investment in March, saying that it also “derecognized the remaining minimum royalty obligations owing to More Life,” which amounted to almost C$33.7 million.
Back in 2019, Drake teased the launch of More Life by delivering flower bouquets wrapped in More Life-branded paper, a nod to his 2017 mixtape. He later announced the new business, with a press release describing it as being “centered around wellness, discovery, and overall personal growth with the hope of facilitating connections and shared experiences across the globe.”
“The idea of being able to build something special in an industry that is ever-growing has been inspiring,” he added. “More Life and More Blessing.”
Complex has reached out to a rep for Drake for comment
