Drake watches Game 6 of the NBA Finals as the Toronto Raptors play Golden State Warriors from Jurassic Park at the Scotiabank Arena in Toronto on Thursday June 13, 2019. Canopy Growth Corp. is teaming up with Drake to launch More Life Growth Co., a licensed cannabis producer in Toronto THE CANADIAN PRESS/Chris Young

VIDEO: Canopy Growth and Drake team up on new cannabis venture

Drake will hold a 60-per-cent stake in More Life Growth Co.

Canopy Growth Corp. is teaming up with Drake to launch More Life Growth Co., a licensed cannabis producer based in Toronto.

Under the agreement, Drake will hold a 60-per-cent stake in More Life and Canopy Growth will own the remaining 40 per cent.

Canopy Growth will provide all of the day-to-day operations and maintenance of the More Life facility cannabis production facility in Toronto and will retain all of the rights to distribute the product that is grown at the location.

Drake has granted More Life the right to exclusively use certain intellectual property and brands in association with the growth and sale of cannabis and cannabis-related products, accessories, merchandise and paraphernalia in Canada and internationally.

The maintenance of the non-Canada rights after 18 months is contingent upon certain performance targets being met.

Canopy Growth has the right to nominate two directors to the More Life board as well as a pre-emptive right to maintain its ownership interest in the company.

ALSO READ: Seizure of cannabis edibles, including mac-and-cheese, prompt warning from B.C. RCMP

The Canadian Press


Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Filming for Resident Alien begins in Ladysmith

Aliens and excitement take over the streets of Ladysmith during new TV series

Nearly 20 individuals accessed LRCA’s cold weather shelter during 2020 snowstorm

Most individuals accessed the shelter for food, showers, laundry, and to warm up

Baby bear carving stolen from his family in Chemainus

Thief repeatedly kicked it and dislodged it from cement and rebar

Gas leak prompts mop-up response in Chemainus

Thorough check made of Croft Place before residents and business people return

Shoot the Moon pub passes public hearing stage

Rod Alsop and Jon Ludtke’s proposed pub is one step closer after a packed public hearing

VIDEO: Canada’s first presumptive case of coronavirus officially confirmed

Both patient and wife arrived on a China Southern Airlines flight after having been to Wuhan

First-place Canucks beat Blues 3-1 for ninth straight home win

Miller nets pair as Vancouver defeats Cup champs

Swapping grape varieties can help winemakers adapt to climate change: UBC study

Report says 56% of wine-grape-growing regions would be lost if global climate warms by 2 C

Alberta premier wants feds to approve Teck mine for benefit of First Nations

Kenney: ‘Surely [reconciliation] means saying yes to economic development for First Nations people’

Police search for man who went missing from Vernon hotel

Jay Rosenberger, 38, was last seen Friday

NDP suggests easing secondary housing rules for B.C. farmland

Lana Popham proposes guest homes not just for relatives

After four sexual assaults in the same B.C. park, RCMP ask women not to walk alone

Four sexual assaults took place in Glen Park over two months

BC Place lights up in purple and yellow to honour Kobe Bryant

Kobe Bryant, his 13-year-old daughter and seven others were killed in a helicopter crash

Most Read