Canadian cannabis Canopy Growth (CGC) - Get Report announced that it was partnering with rapper and countryman Drake to launch the More Life Growth Co., a fully licensed cannabis producer in Drake's hometown of Toronto.
As part of the deal, the More Life brand will be a wholly owned subsidiary of Canopy with Drake holding a 60% ownership interest in the brand and Canopy holding the other 40%.
As part of the partnership, More Life will have access to Drake's intellectual property, presumably his music, in promotion of the brand.
"The opportunity to partner with a world-class company like Canopy Growth on a global scale is really exciting," said Aubrey "Drake" Graham. "The idea of being able to build something special in an industry that is ever growing has been inspiring. More Life and More Blessing."
Canopy Growth shares were rising 1.3% in trading to $19.67.
"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," said Canopy CEO Mark Zekulin.