Drake Ditches Canopy Growth
Drake Ditches Canopy Growth
Many celebrities are joining the cannabis industry, however, how many are actually succeeding?
Friends,
Cannabis is going mainstream — in certain parts of the world cannabis has already become mainstream with celebrities now openly endorsing cannabis.
Many celebrities are even creating their own cannabis brands.
Drake is one such individual who decided to create his own cannabis brand via a partnership with Canadian producer Canopy Growth.
What went wrong? ❌
Under the terms of the deal Drake struck, Canopy would own 40% of the company in return for producing, packaging, and selling the cannabis under the More Life brand.
Despite the potential that clearly existed with Drake having amassed some 120 million followers on social media, Canopy has announced they will no longer be working with Drake.
It remains unclear why this deal did not go according to plan, or perhaps this news exposes the fact that no such plan ever existed when this deal was struck under the direction of former Canopy Growth CEO Bruce Linton?
Instead, I find it very plausible that this deal was simply used to further “hype” Canopy Growths’ prospects of succeeding in the global cannabis market.
This is not the first time such a celebrity brand in cannabis has ended badly, with Supreme Cannabis — a company recently acquired by Canopy Growth having terminated their relationship with Wiz Khalifa earlier this year.
Another impairment fee for Canopy 🔥💸
Canopy will incur a C$10.3 million impairment charge on this — yet another poor investment, and it remains unclear if Drake is still pursuing More Life or whether he will be de-prioritizing the creation of his own cannabis brand.
As I look at the brands that are currently succeeding in North Ameria it’s becoming clearer each day that consistently creating high-quality cannabis is a much more effective strategy than receiving celebrity endorsements.
SNIPPETS
Twitter, one of the few social media companies who support cannabis, has a new subscription service that is now available in Canada and Australia.
Ontario, the largest province in Canada with a population of 14.5 million people is on track to reach 1,000 cannabis retail stores in the coming weeks.
The CEO of the largest cannabis company in Canada sat down to discuss the $1.2 billion they spent have in the last 90 days.
Arizona has made it easier to have your criminal record cleared for past cannabis convictions with estimates that tens of thousands could be eligible.
The Czech Parliament has advanced a bill to make medical cannabis easier to access and has paved the way for the creation of a CBD industry.