In a surprising turn of events, Drake’s Cannabis Venture has come to an unexpected halt. The venture, active for only two years, has prematurely wrapped up, leaving both the cannabis industry and his fans in a state of shock.
Genesis of Drake’s Venture
The birth of Drake’s venture into the cannabis world took place two years back. It was a strategic partnership between Drake’s More Life Growth Company and Canopy Growth. The deal detailed Drake’s 60% stake and Canopy’s 40% share. The venture was supposed to bloom in the fertile grounds of Drake’s native land, Toronto.
An Exception in the Celebrity Cannabis Market
Drake’s venture was a unique take in the burgeoning celebrity cannabis market. He was slated to be the majority stakeholder in a company that had the Health Canada seal of approval. Drake’s vision was clear, “the idea of building something special in an industry that is ever-growing has been inspiring.”
Aftermath of the Drake’s Venture Dissolution
The termination of the partnership resulted in significant financial repercussions for both parties. Canopy Growth retrieved its investment in More Life Growth and reclaimed the Scarborough facility established for the partnership. The facility will now morph into a research and development hub for Canopy Growth.
Financial Echoes of Termination
Canopy also recalled the royalty assets previously delegated to More Life, amounting to an estimated $28 million. This termination succeeded the financial reports filed in March 2021, suggesting the end of the sub-licensing agreement due to impairments on Canopy’s investment.
Drake’s Venture: The Mysterious Termination
The termination of Drake’s venture into cannabis has been shrouded in silence. The lack of commentary from both parties adds to the intrigue. While the industry is in suspense for more information, the sudden termination of Drake’s venture continues to puzzle onlookers.
