Bruce Linton Praises Approach to Celebrity Branding – LPC
Rapper Drake teamed up with Canopy Growth to launch the much-hyped More Life Growth Co. in Toronto. For consumers, it may be just another celebrity-endorsed cannabis brand. Given Drake’s fame and his close connection to the city (and the Raptors), it will likely be a successful one.
However, it’s the More Life Growth partnership arrangement that drew praise from ex-Canopy co-CEO Bruce Linton.
“(Some celebrities) have an interest in being in the business and most simply want to rent their brand,” Linton told BNN Bloomberg. (Please see link to the full article below.)
That isn’t a good deal for the company in the long run, Linton said. It would be similar to a company simply licensing the name. A good partnership should allow both parties in More Life Growth to keep ownership. “If someone rents their brand, at the end of the rental period if you did a good job, the brand is worth more and the renter tries to run off to the highest bidder and maybe the company gets screwed.”
In this case though, the More Life Growth deal is a 60/40 split between Drake and Canopy. Further, Canopy has the pre-emptive right to ownership, meaning its shares in the company cannot be diluted.
“What’s really been done well with Drake and his team is that this is an alignment game where he’s in the business with Canopy,” Linton said.
More Life Growth the Future of Marketing? – LPC
This seems to be a good way to get around Canada’s marketing regulations, which many say are too strict. Cannabis experiences and cannabis mixers may be other ways. But odds are, you’ll be more likely to remember “More Life Growth” because of its connection to Drake than you would most other brands.
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