When Diddy says he “can’t stop, won’t stop,” believe him. The entrepreneur, born Sean Combs, is making waves in the world of cannabis, where he hopes to increase Black participation. He’s agreed to acquire licensed cannabis operations from two of the biggest cannabis companies in the U.S. — Cresco Labs Inc. and Columbia Care Inc. — as part of a deal worth $185 million.
According to Billboard, the buy-in gives Diddy a total of nine retail stores — four in New York, three in Massachusetts and two in Illinois. He’ll also acquire a production facility in each state. The operations will allow the Bad Boy CEO to grow, manufacture and distribute branded cannabis products to licensed dispensaries in New York, Chicago and Boston; he’ll also be able to run retail stores in those states.
“My mission has always been to create opportunities for Black entrepreneurs in industries where we’ve traditionally been denied access, and this acquisition provides the immediate scale and impact needed to create a more equitable future in cannabis,” Diddy said in a statement. “Owning the entire process — from growing and manufacturing to marketing, retail, and wholesale distribution — is a historic win for the culture that will allow us to empower diverse leaders throughout the ecosystem and be bold advocates for inclusion.”
Per Billboard, the deal marks Diddy’s first investment in the cannabis industry, and will create the first minority-owned and largest Black-owned cannabis company in the world.
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