Drake opens hemp company More Life Growth
Canadian singer Drake, together with Canopy Growth, will open the cannabis company More Life Growth, which will sell recreational cannabis and marijuana smoking accessories. The company will operate in the Canadian and international markets.
The company will release hemp products under the brand Drake
Under the agreement, Drake will own 60% of More Life Growth, the remaining 40% will be under the control of Canopy Growth. The company will receive the exclusive right to use the intellectual property of the artist to release new hemp products under the Drake brand. Canopy will become the exclusive distributor of More Life products in Canada. The organization will produce marijuana at a factory in Scarborough, operated by Canopy.
The musician commented on his decision to create a hemp business: “I am glad that I have the opportunity to work with such a world-famous company as Canopy Growth. I am inspired by the idea that I can do something special in the fast-growing cannabis industry.”
Drake Breathes New Life into Canadian Hemp Market
Major Canadian hemp mills are calculating losses this year due to low marijuana sales. The forecasts of commercial institutions on the growth rate of income were not confirmed in practice, therefore, many investors began to actively sell shares, which led to the emergence of a powerful bearish trend in the stock market. For example, Canopy Growth securities fell 60% in half a year (from $ 48.04 to $ 19.42).
Analysts suggest that Drake’s participation in More Life Growth promotions will increase consumer interest in hemp products. John York, president of marketing firm Rain43, claims that the rapper has outstanding entrepreneurial talent: “Everything he does has commercial value. Drake pays attention only to the modern and promising sectors of the economy. He always manages to be at the center of a trendy business.”
Drake’s capital is estimated at $ 150 million. He invested in the restaurant business, real estate, e-sports, and the film industry. In 2016, the singer, along with former financier Brent Hawking, created the premium brand of whiskey Virginia Black Whiskey. In the first year, the company sold 30,000 bottles worldwide. In 2019, Drake took fifth place in the ranking of the richest rappers on the planet according to Forbes. In the first place is Jay-Z, which owns valuable assets worth $ 1 billion.