Drake Enters Cannabis Industry
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Finalization of the partnership took place on November 7th and will focus on “wellness, discovery and overall personal growth” as Drake stated in a Reuter’s interview following the agreement.
Who Benefits from this Relationship?
Canopy Growth is hopeful that Drake’s cultural influence and understanding along with Canopy Growth’s extensive cannabis industry knowledge-base with combine to make More Life Growth a unrivalled and global company.
The relationship here is beneficial to both parties. Drake benefits from stepping into a growing, celebrity-ran industry and Canopy Growth’s stock shares were gradually dropping since April of this year. As has been seen with other cannabis and CBD companies, celebrity partnership has been a game-changer for many potentially failing cannabis businesses.
At the end of the summer quarter Canopy reported losing $1.3 billion in net profits. That is a 62 percent decline from April to June.
More Celebrities Take Notice of Canopy
Drake isn’t the only big name to team up with Canopy. In 2018 Constellation Brands, most well-known as the Corona-brewing company, invested in the company. After this investment shares rose 3 percent almost immediately.
Just this year Martha Stewart took interest in Canopy when she took on an adviser role to help in the development of a pot-based product line for both humans and animals. Snoop Dogg joined forces with marijuana producer, Tweed in 2016 and since then the company has worked alongside Canopy at varying times.
What will More Life Growth Company’s focus be? It’s simple, marijuana distribution. The company is licensed by Health Canada from farming to selling of the product.
Why Drake Chose Cannabis
Drake enters the cannabis business with eagerness at the opportunity to join the movement and help continue the positive change being made. He stated in an interview with New Cannabis Ventures he was looking forward to being able to, “do something special in an industry that is ever growing has been inspiring. More Life and More Blessings.”
The industry has carried with it a long-lasting negative outlook from the general public, but as more celebrities enter the field it is becoming more normalized and viable. As more cannabis industry grows it risks being inundated with low-quality and potentially dangerous products. Bringing a cannabis company that can be trusted to his hometown of Toronto, Ontario is just one motivator for Drake making this new entrepreneurial move.
