Canopy Growth Corp.’s venture with Drake to sell recreational cannabis and accessories in Canada and abroad has “not been progressing as originally intended,” the company’s chief executive said. Canopy announced its joint venture with the Canadian born hip-hop superstar in November under the More Life Growth Co. moniker. Under the arrangement, Drake will control 60…
Canopy Development Corp.’s venture with Drake to offer recreational marijuana and devices in Canada and abroad has actually “not been progressing as initially intended,” the business’s president said.
Canopy revealed its joint venture with the Canadian born hip-hop superstar in November under the More Life Growth Co. moniker.
However, given that the initial announcement was made, little work has been done to advance the More Life brand, with Canopy president David Klein concentrating on restructuring the pot giant’s costs and on pursuing more promising endeavors.
” I would say that [More Life] has not been advancing as initially intended and we’re still working on information to identify where it goes,” Klein, who officially took on the CEO function in January, informed BNN Bloomberg in a phone interview.
” It might be something that can’t get to where we all desire it to go. In lots of concerns, at its essence, it’s almost a realty play where More Life is going to do a great deal of activity on cannabis destinations. I don’t know if that still fits any person’s way of thinking, a minimum of in the COVID world.”
A representative from Drake’s management group wasn’t instantly offered for comment.
Along with Drake, Canopy has carved out a niche in partnering with prominent characters such as Martha Stewart, Seth Rogen, and Snoop Dogg.
Canopy is guaranteeing it does not contravene of Health Canada’s regulations by ensuring that the celebrities it has partnered with stay at arms-length in regards to marketing. Canopy renamed its “Leafs by Snoop” brand to “LBS” while Rogen has yet to comment openly on his Houseplant venture given that it was introduced in March 2019.
Still, Klein is confident that the company will find a way to restore the More Life endeavor.
” I would not state it would be dropped totally, however it may alter,” Klein said. “When I looked at the IP that Canopy has on its plate, I will confess that More Life was pretty far down the list of things to get to.”
” Make no error about it, we enjoy Drake, [but] we’re still trying to figure out a business venture that makes sense for everyone.”
Marijuana Canada is BNN Bloomberg’s thorough series checking out the ongoing growth of the Canadian leisure marijuana industry. Read more here and sign up for our Marijuana Canada newsletter to have the most recent news delivered directly to your inbox every day.
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