Drake enters the growing $13 billion legal cannabis industry with Canopy Growth – the world’s biggest pot producer that already works with Martha Stewart, Snoop Dogg and Seth Rogan
The highly-successful rap artist Drake is starting a cannabis business with pot-producing powerhouse Canopy Growth, which already has similar ventures lined up with with celebrities Martha Stewart, Snoop Dogg and Seth Rogan.
Canopy, the world’s largest cannabis producer by market value, on Thursday announced it was partnering with Drake, a 33-year-old Canadian national who’s real name is Aubrey Drake Graham, to launch More Life Growth.
The company, formerly a subsidiary of Canopy, will be a ‘fully-licensed producer of cannabis’ in Drake’s hometown of Toronto, Canopy said in a released statement
More life Growth will be ‘centred around wellness, discovery and overall personal growth with the hope of facilitating connections and shared experiences across the globe’ Canopy says in a released statement.
Drake will hold a 60% stake in the company, with the remainder going to Canopy.
Canopy has been aligning itself with celebrities to standout in the booming cannabis industry, already having formed partnerships with lifestyle guru Stewart, Snoop Dogg, a rap artist, game show host and trend setter who has smoked weed outside the White House and funny man Rogan.
The celebrity connection comes as thirty three states and the District of Columbia have legalized marijuana in some way, either for medical purposes or recreational use.
As measures move forward to expand on legalization, the industry is working to keep the momentum going with sales of $52 billion and a 76 per cent increase in cannabis-related jobs, reports Markets Insider.
The Marijuana Business Factbook estimates that the legal-cannabis industry economic impact on the US was between $20 billion nad $23 billion in 2017, and predicts it could reach as high as $77 billion by 2022, Markets Insider reports.
Celebrities have either partnered with pot producers and other cannabis businesses to cash in on the pot crop, or gone on their own.
Singer Miley Cyrus, who is openly an avid marijuana smoker, along with DJ Mark Ronson and comedian Chris Rock are among celebrity investors in Lopwell Farms, the first cannabis cafe in America which opened in West Hollywood, California, last month.
Bad-boy actor Charlie Sheen got into his own line of cannabis vapes, after growing sick of bootleggers naming quirky marijuana strains after him.
Billionaire rapper Shawn ‘Jay-Z’ Carter entered the fast-growing legal cannabis industry, taking a role with California company Caliva as a strategist.
The rapper, serving as the company’s ‘brand strategist’, also is furthering his social justice efforts by increasing job training for former prisoners as well as fostering quality and fairness in the development of the legal marijuana industry, the company said in a statement.
‘We want to create something amazing, have fun in the process, do good and bring people along the way,’ the rapper said in the statement.
Among the other big name celebrities with connections to the pot industry are retired NFL legend Joe Montana, comedian Cheech Marin (better known as one half of the stoned comic duo Cheech and Chong), The View’s Whoopi Goldberg, Star Trek’s Patrick Stewart, ‘Margaritaville’ singer Jimmy Buffett, country music legend and unapologetic cannabis smoker Willie Nelson, retired boxer Mike Tyson and Kiss co-lead singer and co-founder, Gene Simmons.
Drake, among the world’s best selling music artists with 170 million records sold, has two hits in the top 10 most streamed songs on Spotify: ‘One Dance’, with Wizkid and Kyla, which comes in at no. 2; and ‘God’s Plan’ from his album ‘Scorpion’, which comes in at 6.
Reportedly dating Kylie Jenner, Drake is known for weaving in the backstories of his personal relationships with women into his music. He is often identified by his catch phrase ‘YOLO’ and credits Kanye West, Jay Z and Lil Wayne as rap influences, as well as Aaliyah, and other R&B artists.
He’s also founder of the OVO Sound record label with long-time collaborator 40, helped launch Virginia Black bourbon, served on the executive committee for the NBA franchise Tornoto Raptors, and has an exclusive deal with Apple, reportedly worth $19 million, which gives the tech giant’s music streaming service first dibs on the rap artist’s new releases.
Canopy’s CEO Mark Zekulin says Drake’s next move will be to ‘bring best-in-class cannabis products to the world’
‘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’, Zekulin said.
His new billionaire girl friend Kylie Jenner will follow suit
Josephine Agbobu, Lagos, Nigeria,