Toronto-born performer Aubrey "Drake" Graham cheers from courtside during first half NBA Eastern Conference finals action between the Toronto Raptors and the Milwaukee Bucks, in Toronto on Saturday, May 25, 2019. THE CANADIAN PRESS/Nathan Denette

TORONTO -- Canopy Growth Corp. is teaming up with Drake to launch More Life Growth Co., a licensed cannabis producer based in Toronto.

Under the agreement, Drake will hold a 60-per-cent stake in More Life and Canopy Growth will own the remaining 40 per cent.

Canopy Growth will provide all of the day-to-day operations and maintenance of the More Life facility cannabis production facility in Toronto and will retain all of the rights to distribute the product that is grown at the location.

Could #MoreLife be among the best you've ever had? Learn about @CanopyGrowth and @Drake's exciting new LP. #cannabis #cannabiscanada $CGChttps://t.co/Du01PM7PBH

— Canopy Rivers Inc. | Cannabis VC (@CanopyRiversInc) November 7, 2019

Drake has granted More Life the right to exclusively use certain intellectual property and brands in association with the growth and sale of cannabis and cannabis-related products, accessories, merchandise and paraphernalia in Canada and internationally.

The maintenance of the non-Canada rights after 18 months is contingent upon certain performance targets being met.

Canopy Growth has the right to nominate two directors to the More Life board as well as a pre-emptive right to maintain its ownership interest in the company.

This report by The Canadian Press was first published Nov. 7, 2019.