Rapper, music mogul, and entrepreneur Sean ‘Diddy’ Combs is stepping into the cannabis industry with a $185 million dollar purchase of marijuana businesses across a number of states. Combs was able to strike the deal to acquire these assets from Cresco Labs and Columbia Care. The deal gives Combs a footprint of three dispensaries located in Greenfield, Worcester, and Leicester. The Leicester site also includes a cannabis production facility. Retail and production facilities in New York and Illinois are also part of the package.
With this multimillion dollar purchase Combs is quickly being recognized as the largest black-owned cannabis company. On Twitter, Combs says that despite those headlines, the reality is that 80% of cannabis companies are owned and controlled by white men. By comparison only 2% of the marijuana industry is black-owned. This is what inspired him to enter the marijuana industry to be a part of positive change. Combs says that his motivation has always been to create opportunities for black entrepreneurs to thrive in industries without representation. The transaction will take some time to become official as the merger of Cresco Labs and Columbia Care is still underway.
Find the full story from CNBC on their website here: https://www.cnbc.com/2022/11/04/sean-diddy-combs-to-acquire-cannabis-businesses-for-up-to-185m.html
Read the official press release from Business Wire on their website here: https://www.businesswire.com/news/home/20221103005563/en/Cresco-Labs-Columbia-Care-Announce-Planned-Divestiture-in-Three-Markets-to-Sean-%E2%80%9CDiddy%E2%80%9D-Combs-Creating-the-First-Minority-Owned-Vertically-Integrated-Multi-State-Cannabis-Operator