Sean Diddy Combs is adding to his long list of wins.
In a news release shared with ESSENCE, it was announced the hip-hop mogul made an entry into the cannabis business in a huge way. Combs has reportedly agreed to purchase licensed marijuana operations in three states for around $185 million. The cannabis operations are being acquired from Cresco Labs Inc. and Columbia Care Inc., two of the largest cannabis companies in the country.
“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,” said Sean “Diddy” Combs, Chairman and CEO Combs Enterprises in a news release. “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 a news release, these vertically integrated New York, Illinois, and Massachusetts assets will provide Combs the ability to grow and manufacture cannabis products; wholesale, and distribute those branded products to licensed dispensaries in major metropolitan areas like New York City, Boston, and Chicago; and operate retail stores in all three states.
“Today’s announcement is bigger than the Transaction – and it couldn’t come at a time of greater significance and momentum,” said Charles Bachtell, Cresco Labs’ CEO in a news release.”We’ve seen executive power exercised to address matters of cannabis injustice, we’re seeing bi-partisan support for elements of federal reform, and we’re seeing some of the largest and most influential states in the country launch cannabis programs prioritizing social responsibility – this announcement adds to that momentum. For Cresco, the transaction is a major step towards closing the Columbia Care acquisition and our leadership position in one of the largest consumer products categories of the future. For an industry in need of greater diversity of leadership and perspective, the substantial presence of a minority-owned operator in some of the most influential markets in the country being led by one of the most prolific and impactful entrepreneurs of our time is momentous…and incredibly exciting. We’re thrilled to welcome Sean and his team to the industry.”
Columbia Care CEO and Co-founder, Nicholas Vita, continued “These assets offer the Combs’ team significant market presence, enabling them to make the most impact on the industry as a whole. It’s been clear to us that Sean has the right team to carry on the strong legacy of these Columbia Care and Cresco Labs facilities, and we can’t wait to see how he helps shape the cannabis industry going forward through his entrepreneurial leadership and innovation.”