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    WEED   CA1380351009

CANOPY GROWTH CORPORATION

(WEED)
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Canopy Growth : Drake invests in Toronto pot company Bullrider, becomes partner and strategic adviser

10/15/2021 | 10:00am EST

TORONTO — Drake has invested in a Toronto cannabis company months after his partnership ended with Canopy Growth Corp.

Bullrider announced the rapper's involvement in the pot company today, but did not share the size of his investment.

Bullrider says Drake will also take on a partner and strategic adviser role and help develop the company's strategy for the North American market.

Drake had been dabbling in the Canadian cannabis market with his More Life Growth Company, which partnered with pot giant Canopy Growth in 2019, before the two parted ways in June.

Drake collaborator and producer Noah "40" Shebib co-owns Bullrider, whose products he credits with helping him manage multiple sclerosis.

The company is working on opening a farmgate cannabis store in Brampton, Ont. this month.

"I've always viewed 40 as the expert when it comes to cannabis so I'm very excited to invest, partner and contribute to setting a new standard for a premium cannabis experience," Drake said in a statement.

This report by The Canadian Press was first published Oct. 15, 2021.

Companies in this story: (TSX:WEED)

© 2021 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Analyst Recommendations on CANOPY GROWTH CORPORATION
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Financials
Sales 2022 584 M 456 M 456 M
Net income 2022 156 M 122 M 122 M
Net Debt 2022 311 M 243 M 243 M
P/E ratio 2022 37,7x
Yield 2022 -
Capitalization 5 830 M 4 559 M 4 553 M
EV / Sales 2022 10,5x
EV / Sales 2023 8,43x
Nbr of Employees 3 259
Free-Float 63,8%
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Mean consensus HOLD
Number of Analysts 21
Last Close Price 14,81 CAD
Average target price 17,88 CAD
Spread / Average Target 20,7%
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Managers and Directors
Bruce Linton Chairman & Co-Chief Executive Officer
David Eric Klein Chief Executive Officer & Non-Independent Director
Rade Kovacevic President & Chief Product Officer
Mike Lee Chief Financial Officer & Executive Vice President
Judy A. Schmeling Chairman