Tweed Inc., a subsidiary of Canopy Growth Corporation on Friday announced it has entered into a business partnership with entertainment icon Snoop Dogg.
"Snoop Dogg is one of the world's most respected cannabis icons and pioneers in the industry," the company announced in a prepared statement. "He is recognized as a connoisseur of quality, medical cannabis products and has expanded his entrepreneurial endeavors to provide expertise and strategy to business ventures that, like Tweed, represent the birth of a new industry."
"There are real social and medical benefits from the cannabis industry -- and the world is seeing this positivity in a whole new way," said Snoop. "Canada has been at the forefront of the business model, and I look forward to being a part of the road ahead."
Under the partnership, Snoop, through a controlled company, and Tweed have partnered on curated content and brand strategy exclusively in Canada. The license agreement is for an initial three-year term with a two-year extension.
As partial consideration for the arrangement, the controlled company will receive a combination of Canopy shares, royalties, and monetary compensation, released over the course of the agreement.