November 9, 2022
Photo by: Matt Winkelmeyer/Getty Images for iHeartRadio
Ok, Diddy or should we say Puff Daddy!
The mogul is entering the cannabis industry and has agreed to buy licensed cannabis operations in New York, Massachusetts, and Illinois from Cresco Labs Inc. and Columbia Care Inc. in a deal worth up to $185 million, according to CNBC.
“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,” Combs shared in a press release.
The deal was finalized and delivered after Cresco Labs agreed to pay $2 billion to acquire rival Columbia Care earlier this year, making Cresco the largest cannabis producer in the United States.
This transaction, which was one of the biggest in the cannabis industry, required Cresco to sell assets in limited-licensing markets like New York.
Cresco Labs CEO Charles Bachtell stated, “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.”
The new agreement covers four retail locations and one production facility in the state of New York, three retail locations and one production facility in Massachusetts, and two retail locations and one production site in the State of Illinois.