Drake and his “More Life” venture gets dropped by Marijuana company.

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18 Karat Reggae Gold 2021 : ONENESS
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Drake
Drake

“More Life” is a Jamaican / Dancehall slang that is used by many Jamaican artists but more so I-Wayne than all the others.

Either these dancehall artists are not very business savvy or Drake is a genius but the Canadian rapper trademarked “More Life” and the trademark ended up earning him millions of dollars.

The money came via a partnership that Drake formed with marijuana company Canopy Growth (TSX:WEED)(NYSE:CGC).

In November 2019, Canopy Growth and Drake announced the launch of More Life, a joint venture that would sell recreational pot and accessories in Canada and around the world. According to the agreement, Canopy decided to turn a Scarborough marijuana cultivation facility into a More Life location for a 40% share in the venture’s equity.

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It was a hot deal at that time. Companies like Canopy Growth were stumbling over themselves to make celebrity deals. Needless to say, this move garnered significant attention among investors and the media.

As marijuana from the black market continues to put financial pressure on legalized marijuana, Canopy decided to terminate the deal it had in place with Drake. As a result, the company removed the minimum royalty obligations of nearly $33.7 million to More Life from its balance sheet.

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Canopy’s CEO said that the partnership was not progressing as they had initially intended it would.

The CEO thought that Drake’s celebrity pull would be enough to let marijuana smokers stop buying weed off the street and purchase it from the legal dispensaries instead but that did not happen.

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