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

Shuswap cabin owner hopes to improve B.C.-Alberta relations

Alberta resident redrafts response to CSRD request to stay home

Single-lane traffic on Highway 1 in Salmon Arm due to aging watermain

City says goodbye to cast-iron main while moving it off highway, into park

Snapshot: Distanced dancing in Salmon Arm

Friends use picnic shelter at Blackburn Park for safe practice

Okanagan film society screening for scholarships

North Okanagan students pursuing creative arts can apply for $2,000 bursaries

Douglas fir trees in Salmon Arm face attack from bark beetle

Online pamphlet can help residents learn how to protect their trees

Enderby’s drive-in not safe from top doc’s 50-car limit

Starlight Drive-In opened with reduced capacity, COVID-19 safety measures in place

Parking lot patios a go in Vernon

Council votes in favour of allowing businesses to expand commercial space into on-street parking spots

Petition seeks to clean up Okanagan forests ‘carpeted’ with shotgun shells

Penticton man says making shot-gun shells refundable would create cleaner forests

Kelowna’s main drag will be closed to vehicles this summer

Kelowna’s Bernard Avenue will be a pedestrian-only roadway from June 29 through the Labour Day long weekend

Vernon gym knocked out by COVID-19

9Round Fitness in Vernon Square Mall owners announce permanent closure of facility

Kelowna’s Homebase Baseball Tournament cancelled

A live auction will still take place to raise funds for Joeanna’s House

Kelowna General Hospital Foundation launches fundraising initiative to support local health care

The initiative also highlights workers at Kelowna General Hospital

Kelowna man charged with harming a hamster

The 20-year-old Kelowna man faces several animal cruelty charges

Most Read