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 per cent of the company, with the pot giant owning the remaining stake and having the right to nominate two members to the venture’s board. Part of that deal was to provide More Life with use of Canopy's production facility in Scarborough, Ont., which the new venture would operate and maintain.
However, since the initial announcement was made, little work has been done to progress the More Life brand, with Canopy chief executive officer David Klein focusing on restructuring the pot giant's costs and on pursuing more promising ventures.
"I would say that [More Life] has not been progressing as originally intended and we're still working on details to determine where it goes," Klein, who formally took on the CEO role in January, told BNN Bloomberg in a phone interview.
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