The biggest of Canada’s new brand of marijuana producers will join forces with Toronto-born rap star Drake to launch a fully-licenced joint venture in the city to produce and distribute cannabis, the two sides said on Thursday.
Under the deal, the multi-Grammy award winner will take a 60% stake in a subsidiary of stock-market listed Canopy Growth (WEED.TO), which produces cannabis in nearby Scarborough, Ontario.
U.S.-listed shares of Canopy (CGC.N), which last year drew a major investment from Corona-brewer Constellation Brands, rose around 3% in early trading.
Drake is just the latest of a list of artistes and celebrities who have partnered with Canadian cannabis companies since the country approved the use of recreational marijuana.
Rapper Snoop Dogg has also partnered with Canopy through a unit called Tweed.
Canopy and Drake said the venture, called More Life Growth Co, would be “centered around wellness, discovery and overall personal growth”.