Toronto-raised rapper Drake announced yesterday plans to host the first annual OVO Festival in his hometwon on August 1st. The name of the festival comes from Drake's entertainment company, October's Very Own, and will take place at the Molson Amphitheatre. In addition to Drake, Young Jeezy, Bun B, and Francis & the Lights are also confirmed. Additional acts will be announced in the next few weeks. Tickets are available through Ticketmaster or at the Molson box office.

"I truly believe this is entertainment at a level that the city has never seen before," Drake commented in a statement. "I'm hoping that it is a safe and magical night and that OVO Festival becomes tradition every year."