Diddy to Make History with Largest Black-Owned Cannabis Business Acquisition

By: Marie Scarci | November 4, 2022

Photo Credit: Reckless Dream Photography

Hip-hop icon Sean “Diddy” Combs is the next celebrity to break into the world of cannabis, and he's going big. The rapper, producer, and entrepreneur has agreed to acquire licensed operations in New York, Massachusetts, and Illinois from Cresco Labs Inc. and Columbia Care inc. which can be worth as much as $185 Million.

This investment marks the formation of one of America’s first minority-owned, vertically integrated multi-state cannabis companies.

Cresco Labs recently agreed to a deal to purchase Columbia Care, the deal is one of the most significant in marijuana history, $2 Billion, and will make Cresco Labs as America’s top cannabis producer even more dominant.

Combs deal comes after Cresco Labs recently agreed to a deal to purchase Columbia Care, the deal is one of the most significant in marijuana history, $2 Billion, and will make Cresco Labs, America’s top cannabis producer even more dominant.

What's included in Combs deal, well in New York he will have one cannabis processing facility along with four retail locations. He will also have in Massachusetts another three retail locations and a processing facility and in Illinois two more retail locations with another processing facility.

Combs will be fully integrated giving him the ability to produce and distribute his products in some of the country's largest cannabis markets, NY, Boston, and Chicago.

In a Friday press release, Combs states "My mission has always been to create opportunities for Black entrepreneurs in industries where we’ve traditionally been denied access"

Combs goes on to express how being fully integrated from growing, manufacturing, and distribution to marketing and retailing his own products is a huge victory for their culture and how he hopes it will help create more diverse leaders and advocates.

Cresco Labs CEO Charles Bachtell added, "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."

Combs, back in 2018, and Tarik Brooks started pursuing a deal with Cresco and a potential partnership but a deal couldn't be worked out at the time.

Mr. Combs is a seasoned entrepreneur who has worked on several successful consumer brands for years, including the fashion line Sean John which he founded more than two decades ago. From his music, fashion, acting, and liquor brands, Combs can now add cannabis to his growing portfolio of businesses.