Sean Combs has a grocery list of a portfolio, and the musician-producer is adding to that by agreeing to acquire cannabis operations from Cresco Labs and Columbia Care.
With his latest investment, Sean “Diddy” Combs is bringing a different meaning to his nickname “Puffy.”
Diddy is set to acquire cannabis operations from Cresco Labs Inc. and Columbia Care Inc. for $185 million, it was announced Friday. The eventual purchase creates the country’s first minority-owned, “vertically integrated” multi-state cannabis company.
Assuming everything is approved, it will be the largest black-owned cannabis company in the country, per a statement from Combs and the companies.
“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 Combs in a press release.
In March, Cresco Labs purchased rival Columbia Care for $2 billion, one of the biggest deals in the cannabis industry. In turn, this made Cresco the top US cannabis producer. Diddy’s venture specifically will include four retail stores and a production facility in New York, three retail stores and a production facility in Massachusetts, and two retail stores and a production facility in Illinois.
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The partnership enables Combs to manufacture products and distribute them to dispensaries in major metropolitan areas, including New York City, Boston, and Chicago.
“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,” Combs said.
Cresco Labs CEO Charles Bachtell explained how the deal is crucial because it’ll create “diversity and leadership” within the cannabis industry.
“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,” said Bachtell.
This is just one of many business ventures for Diddy. Combs’ enterprise has investments with AquaHYDRATE, Bad Boy Entertainment, the Capital Preparatory Harlem Charter School, Combs Wines & Spirits, CÎROC, DeLeón, Sean John, REVOLT Films, and REVOLT TV & Media, to name a few.
With his first investment in the cannabis industry, one that’s brought in roughly $100 billion to the US economy, Diddy might be telling folks, “We proceed, to give you what you need.”
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