Source: Prince Williams / Getty
It seems that not every project Drake touches turns to gold. It has been announced he and the Canopy Growth Corporation have parted ways.
As reported by HipHopDX the Toronto, Ontario, Canada native is no longer in business with CGC. For those who need their memories jogged back in November 2019 Drizzy announced a new partnership in the name of the More Life Growth Company. The venture was billed as it being “centered around wellness, discovery, and overall personal growth with the hope of facilitating connections and shared experiences across the globe.”
According to a recent feature in Bloomberg Canopy has confirmed they are no longer in business with the “God’s Plan” MC. “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 Growth’s R&D facility, where we will work on plant science and science development projects,” said Jennifer White, Director of Communications at Canopy Growth, in an email to the business periodical.
The joint venture was formally terminated in court and the documentation details that CGC took a “C$10.3 million ($8.6 million) impairment charge on the venture in the fiscal fourth quarter ended March 31. Canopy is said that they also “derecognized the remaining minimum royalty obligations owing to More Life” of about C$33.7 million. In 2019 Drake described the partnership as “the opportunity to partner with a world-class company like Canopy Growth 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.”
Representatives for Drake have yet to respond with comment.
Photo: Prince Williams / Getty
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