The cannabis industry continues to expand its line of public figures with the addition of hip-hop artist and rapper, Aubrey “Drake” Graham, better known as “Drake.” On Thursday, Drake announced his partnership with the world’s largest cannabis company and Canadian cannabis giant, Canopy Growth.
Underneath the umbrella of Canopy Growth, Drake will be helping launch the “More Life Growth Company,” a fully-licensed cannabis producer and wellness corporation that will be in Drake’s hometown of Toronto. The company is specifically focused around wellness, discovery, and overall personal growth.
Drake Expands His Portfolio of Brands
With an already growing list of celebrities joining the space, cannabis is taking the industry by storm, expanding the 21st century’s power of branding.
Drake joins an ever-growing list of celebrities, as Canopy Growth already has a partnership with Seth Rogen and Evan Goldberg, who together launched Houseplant—a recreational Canadian cannabis company back in March.
Back in February, Canopy Growth entered into a partnership with Martha Stewart to create hemp-derived animal health products.
Selecting the Right Brands Is Vital to a Successful Partnership
As we know when it comes to “branding,” affixing the right individual to a brand has the power to keep it alive or absolutely destroy it. Celebrity endorsements and partnerships help lend credibility to a business—especially to an industry that isn’t completely legal all-around.
“When we first began talks with Drake we were extremely inspired by and aligned with his vision to bring best-in-class cannabis products to the world,” Mark Zekulin, CEO of Canopy Growth Corporation, said in the press release. “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.”
Over the years, Drake has had an extremely influential and powerful effect upon the millennial generation, with experience in the music, television, film, fashion, and sports industries.
Grit Daily reached out to Canopy Growth and Drake’s team for further comment, but did not hear back in time for publication.
“Having launched numerous successful brands over the past decade, he is uniquely positioned to bring his innovative eye to the recreational cannabis industry,” Zekulin added.
Setting This Partnership Differs From the Rest
What’s interesting about Drake’s recent partnership is the actual arrangement he has with the Canadian-based venture. Most of the celebrity-endorsed deals are just that—endorsements with little investment or advisory roles.
However, with Canopy Growth, Drake is a major investor in “More Life Growth Company,” serving as a majority owner to the company, which is licensed by Health Canada, which oversees the nation’s regulated cannabis market.
Investor vs. Endorsement-Status
Under the partnership agreement, Drake will own 60% of More Life Growth Company, while Canopy Growth will retain the other 40%. Additionally, Drake has granted his new company exclusive rights to certain intellectual property and brands in Canada and internationally. This means the company will have the ability to exploit the copyrights, trademarks, and patents in association with the growth, manufacture, production, marketing and sale of cannabis and cannabis-related products.
Canopy Growth will run the day-to-day operations of the More Life facility and will retain all rights to distribute the product that is cultivated at that facility, according to the press release.
Other celebrities in the cannabis space include, but aren’t limited to Jay-Z, Snoop Dogg, Willie Nelson, Ice Cube, Montel Williams, Martha Stewart, Gweneth Paltrow, and Whoopi Goldberg.
While cannabis has had a storied past, investors are starting to view the industry with fresh eyes. Faced with new opportunities after legalization, retail cannabis is stepping into the limelight. Up for grabs, it is one of the most lucrative modern markets. Legalized cannabis has the power to transform both culture and economy, but it won’t be an easy road.