Diddy is about the change the game again. He has just created the largest Black-owned Cannabis conglomerate in the United States.
As spotted on Hype Beast the Bad Boy Entertainment mogul is taking his talent to a new industry. Last week he announced that he bought out Cresco Labs, the No. 1 U.S. wholesaler of branded cannabis, and Columbia Care in the states of New York, Massachusetts and Illinois. This deal allows 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
The Transaction is Combs’ first investment in cannabis, the fastest growing industry in the U.S., and upon closing, will create the country’s first minority-owned and operated, vertically integrated multi-state operator. This industry-changing transaction is rooted in Cresco’s vision to develop the most responsible, respectable and robust industry possible, and advances Combs’ mission to open new doors in emerging industries for Black entrepreneurs and other diverse founders who are underrepresented and underserved.
“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,” he said in a formal 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.”
The purchase price is billed at $185,000,000.
Photo: Bernard Smalls