Cirque du Soleil founder Guy Laliberte getting into the pot business

Cirque du Soleil founder Guy Laliberte speaks in Montreal, Tuesday, June 21, 2011. (Graham Hughes / THE CANADIAN PRESS)

Cirque du Soleil co-founder Guy Laliberte is getting into the cannabis business.

Laliberte's Groupe Lune Rouge has announced the purchase of 12.85 per cent of Ontario firm 48North Cannabis.

Lune Rouge says in a statement it has assessed the market and believes there is growth potential in the medical cannabis sector.

48North was known as Kramer Capital until this week.

The 12.85 per cent stake represents 10 million shares, and Lune Rouge also has warrants to acquire an additional 9,550,909 shares that would boost its interest to 22.4 per cent.

Laliberte founded Lune Rouge in 2015 with the aim of promoting innovation, creativity and entrepreneurship.