SMITHS FALLS, Ont. – Canopy Growth Corp. is no longer involved in a cannabis venture it was pursuing with rapper Drake.<\/p>\n<\/p>\n
The Smiths Falls, Ont., cannabis company says in an email that it has divested its participation in Drake’s More Life Growth Company.<\/p>\n<\/p>\n
Canopy and Drake announced they would work together in November 2019 and structured their partnership around an agreement where Drake would hold a 60 per cent stake in More Life and Canopy would control the remaining 40 per cent.<\/p>\n<\/p>\n
In financial statements Canopy filed this week, the company says both parties agreed to terminate their sublicense agreement at the start of March and Canopy recognized a $10.3-million impairment on the investment later that month.<\/p>\n<\/p>\n
The statements also show that Canopy “derecognized” almost $33.7 million in remaining minimum royalty obligations owing to More Life that month. <\/p>\n<\/p>\n
Canopy did not share why it pursued the divestiture and Drake’s publicists and the agency representing him did not immediately respond to requests for comment.<\/p>\n<\/p>\n
This report by The Canadian Press was first published June 2, 2021.<\/p>\n<\/p>\n
Companies in this story: (TSX:WEED)<\/p>\n<\/p>\n
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