Drake Announces OVO Festival, Featuring Young Jeezy, Bun B

'I truly believe this is entertainment at a level that the city has never seen before,' rapper says.

[artist id="2545682"]Drake[/artist] isn't quite done with his Away From Home tour. The rapper will wind down his headline run on August 1 with the first OVO Fest, a multi-artist festival featuring Young Jeezy, Bun B, Francis and the Lights, and other special guests in what the Canadian MC hopes will be the kickoff of an annual event.

The show will take place in his hometown of Toronto. Drizzy told Billboard magazine that the daylong celebration at Molson Amphitheatre will blow some minds.

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

The show, created by the rapper's entertainment company October's Very Own, will coincide with the 43rd annual Caribana Toronto Festival, a two-week celebration of Caribbean culture in Toronto.

In addition to recently working on his "Fancy" video with T.I. and Swizz Beatz, Drake has weighed in on MTV News' "Hottest Breakthrough MC of 2010" race. He offered to co-sign on J. Cole, saying, "I really, really, really like J. Cole. His rhyme structures, the concepts, there's a little bit of pain in his raps. It's music, man. It's deep music."

Drake added that he can relate to how Cole has made an effort to stretch the boundaries of hip-hop. "It's a kid who is trying to draw you into his world and I think that's what it takes in rap right now. You can't just be the generic, [like,] 'Oh, I rap great,' but have nothing to say. J. Cole's really trying to draw people into his world and I respect that a lot because that's my goal, period."