Cresco and Columbia Care deal involving Diddy is over

Diddy’s Cannabis deal is off as Cresco & Columbia Care cancel merger

The long-awaited entry of music icon Sean “Diddy” Combs into the cannabis industry has come to a surprising halt. The $2 billion merger between multi-state cannabis operators Cresco Labs and Columbia Care has been terminated, effectively canceling the $185 million deal that would have included Combs. This side agreement would have provided Diddy with ownership of three dispensaries in Massachusetts, a production facility in Leicester, as well as retail and production locations in New York and Illinois. The termination, occurring over a year after the initial announcement, disrupts what was viewed as a pivotal transaction within the cannabis industry.

Find the full story from CBNC on their website here: https://www.cnbc.com/2023/07/31/cresco-columbia-terminate-cannabis-merger.html