by Lee Dixon, OrlandoAdvocate.com
It’s another power move for rapper, songwriter, record producer, and record executive Sean ‘Diddy’ Combs. Continuing his steady climb through the business world, Diddy has added another achievement to his already overly impressive resume of accomplishments. The 53-year-old Diddy is now in the process of buying licensed cannabis operations in New York, Massachusetts and Illinois from Cresco Labs Inc. (valued at $1 billion) and Columbia Care Inc. (valued at $500 million) for $185 million. Combs is a “pre-billionaire,” with an estimated net worth of $900 million.
This is Diddy’s first investment in cannabis. Earlier this year, Cresco Labs purchased Rican Columbia Care in a $2 billion deal that made Cresco the top United States cannabis producer. There are four retail stores and one production facility in New York; three retail stores and one production facility in Massachusetts; and two retail stores and one production facility in Illinois. Diddy’s deal creates the country’s first minority-owned, multi-state cannabis company. It will be the largest Black-owned cannabis company in the country– and possibly in the world.
With this purchase, Combs will acquire ability to grow, manufacture, wholesale and distribute to licensed dispensaries in major metropolitan areas like New York, Boston and Chicago. He will also be able to operate retail stores in all three states, meaning lots of jobs are at stake.
In a statement released on Friday, Diddy said: “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.”
“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,” he added.
