Cresco Labs and Columbia Care signed papers to divest cannabis industry assets in New York, Massachusetts, and Illinois to a company operated and owned by the billionaire mogul Sean “Diddy” Combs.
The deal is estimated to be worth around $185 million and will be Diddy’s first entrance into the cannabis market. This should come as no surprise considering Sean “Diddy” Combs net worth and desire to operate at the peak. The agreement still looms on the closing of Cresco Lab’s acquisition of Columbia Care but is expected to finalize around the same time frame.
While the deal isn’t done yet, this scale of move for the space is monumental. The merge of mainstream culture and cannabis with a financial impact of this scope may help further break the stigma around cannabis. Upon closing, Diddy’s venture would be the largest minority-owned multi-state operating cannabis company.
“My mission has always been to create opportunities for Black entrepreneurs in industries where we’ve been traditionally denied access, and this acquisition provides immediate scale and impact needed to create a more equitable future in cannabis,” Combs said. “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.”
Diddy has made a fortune for his own and other companies through high-level virtual marketing and entertainment, it will be interesting to see what he can bring to the cannabis industry and its impact on an MSO structure.
More Content
THE RELATIONSHIP BETWEEN BACKWOODS AND HIP-HOP
TERPENES FOR ANXIETY: 3 TERPS IN CANNABIS WITH STRESS-RELIEVING PROPERTIES
RAPPER WEED: WHICH RAPPERS HAVE CANNABIS PRODUCTS IN THE MARKET? WHO ACTUALLY HAS THE FIRE?
18 COMPANIES THAT DON’T DRUG TEST THEIR EMPLOYEES FOR WEED
7 TIPS FOR MARKETING CANNABIS AND CBD ON TIKTOK AND INSTAGRAM
