Drake and Canopy Growth are launching a cannabis company

Canopy Growth Corporation (“Canopy Growth” or the “Society”) and Aubrey Drake Graham (“Drake”) are pleased to announce that they have concluded several agreements to launch the More Life Growth Company (TM), a fully licensed cannabis producer based in Drake, Toronto, Canada.

Company’s inspiration

“When we started the first negotiations with Drake we felt extremely inspired and aligned with their vision to offer the world the best cannabis products in their class,” said Mark Zekulin, CEO of Canopy Growth Corporation.

“Drake’s perspective as a cultural leader and entrepreneur, and Canopy Growth’s extensive knowledge about cannabis will enable our company to provide international markets with unparalleled cannabis expertise.”

Drake’s eclectic career spans a wide range of sectors, including music, television, film, fashion, sports, brand development, content healing, digital and social media strategy.

After launching numerous successful brands in the last decade, he finds himself genuinely positioned to focus his capacity for innovation on the recreational cannabis sector.

“The opportunity to partner with a world-class company like Canopy Growth on a global scale is truly exciting,” said Drake, the founder of More Life Growth Company. “The idea of being able to create something special in an industry that continues to grow has proven to be a source of inspiration.”

More Life and More Blessing. Proud to be based in Drake’s Toronto hometown, More Life (TM) focuses on wellness, discovery and global personal growth, and hopes to facilitate connections and shared experiences around the world.

“In short, we couldn’t be more enthusiastic about partnering with Drake to bring his vision of the More Life Growth Company to the international cannabis markets,” concluded Mr. Zekulin.

“We envision a long, successful and mutually beneficial working relationship. The Society and Drake will share more about the More Life (TM) team and vision in the coming weeks.”

Transaction Details

In connection with the launch of the More Life brand, a wholly owned subsidiary of Canopy Growth (the More Life Growth Company) has issued shares to certain entities controlled by Drake (“Drake”). Following the issuance of the shares, Drake holds a 60% interest in More Life Growth Company, while Canopy Growth’s interest is 40%.

The More Life Growth Company is the beneficiary of an entity licensed by Health Canada for the cultivation, processing, and sale of cannabis at its production facility in Scarborough, Ontario (the “More Life facility”).

Canopy Growth will continue to carry out the entire day-to-day management and maintenance of the More Life facility, as well as retaining all rights to distribute the product grown in the More Life facility.

Right to exploit cannabis elements

In consideration for the issuance of More Life Growth Company shares, Drake has granted More Life Growth Company the exclusive right to exploit certain elements of intellectual property and certain trademarks.

These elements include the cultivation, manufacture, production, marketing and sales, in Canada and globally, of cannabis and cannabis-related products, accessories, promotional merchandise and paraphernalia.

After 18 months, the ability to retain non-Canadian rights depends on meeting certain More Life Growth Company performance criteria.

More Life Growth Company has sublicensed these rights in Canada to Canopy Growth in exchange for payment by the Company for the sale of More Life(TM) products and has granted Canopy Growth the exclusive rights to distribute More Life(TM) products in Canada.

In addition, Canopy Growth may extend the terms and conditions of the sublicense to all international jurisdictions.

Canopy Growth and Drake have entered into a shareholders agreement, investor rights agreements, and other ancillary agreements governing the operation of More Life Growth Company.

In connection with these agreements, Canopy Growth has the right to appoint two directors to the Board of Directors of More Life Growth Company, as well as the pre-emptive right to maintain its shareholding in More Life Growth Company.

Future with other cannabis investing companies

The opportunity to partner with a world-class company like Veritas Farms, Inc. (OTC: VFRM) on a global scale is really exciting. The idea of being able to build something special in an industry that is ever-growing has been inspiring. More Life and More Blessing.

Veritas Farms Inc. (OTC: VFRM) is a vertically integrated agribusiness focused on producing superior quality, whole-plant, full-spectrum hemp oils and extracts containing naturally occurring cannabinoids.

The Company currently owns and operates a 140-acre farm and production facilities in Pueblo, Colorado, and is registered with the Colorado Department of Agriculture to grow industrial hemp.  The Company markets and sells products under its Veritas Farms™ brand and manufactures private label products for a number of leading distributors and retailers.

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First published in Notimerica, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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