More Life Growth is no more.
More than a year after announcing its multi-million dollar partnership with Drake, Canadian cannabis producer Canopy Growth Corp. has ended the relationship.
According to Bloomberg, Canopy terminated the joint venture with Drakes More Life Growth Co. in March. More Life had initially planned to sell cannabis-related products in the Canadian and global markets.
We have indeed divested from More Life and the facility in Scarborough which had been intended to be part of that agreement is now Canopy Growths R&D facility, where we will work on plant science and science development projects, said Jennifer White, director of communications at Canopy Growth.
Drake launched his cannabis wellness company in November 2019, billing it as a fully-licensed producer of cannabis based out of his hometown of Toronto. Drake held 60% ownership in More Life, while Canopy Growth retained a 40% stake.
The opportunity to partner with a world-class company like Canopy Growth on a global scale is really exciting, Drake said when the deal was announced. The idea of being able to build something special in an industry that is ever growing has been inspiring. More Life and More Blessing.
In regulatory filings, Canopy said it incurred an $8.6 million impairment charge as a result of the venture in the fiscal fourth quarter. Canopy will no longer be obligated to pay royalties to More Life, amounting to around $27.7 million.