Article by Angela Stelmakowich, Growth Op
Drake and Canopy Growth Corp. are going separate ways.
In the clash of the Canadian powerhouses, Bloomberg reports that it was the Smiths Fall, Ont.-based company that opted to end its relationship with the celeb. Citing the financial statement filed this week, the split occurred this past March.
According to The Canadian Press, the filings indicated it was a mutual decision “to terminate their sub-licence agreement at the start of March.”
Announced in November 2019, the joint venture between Canopy Growth and Aubrey Drake Graham revolved around launching the More Life brand, the company’s previously wholly-owned subsidiary, More Life Growth Company, Canopy Growth noted at the time.
Drake held a 60 per cent ownership interest in More Life Growth Company — a fully licensed producer of cannabis based in his hometown of Toronto — while Canopy Growth retained a 40 per cent ownership.
“Having launched numerous successful brands over the past decade, he is uniquely positioned to bring his innovative eye to the recreational cannabis industry,” according to the statement. “The idea of being able to build something special in an industry that is ever growing has been inspiring,” Drake added.
Canopy CEO David Klein told BNN Bloomberg last August that pairing wasn’t “progressing as originally intended,” although both side were open to working on relationship.
A two-storey building in Toronto’s east end, 52,000 sq. ft. building expected to be able to produce just shy of 4,000 kilograms pharmaceutical-grade cannabis annually held promise, but that plan has ended, too.