Sean Diddy, the legendary hiphop singer and business entrepreneur, is set to purchase a new cannabis company in the New York City
P. Diddy, who broke into the billionaire club by entering the Canabis business, is adding a new company to his empire by spending $185 million to purchase the company to make him world’s largest black-owned marijuanna company.
Combs, who has had success in a variety of industries including music, fashion, fragrance, beverage, marketing, film, television, and media, is undertaking one of his most major moves with the acquisition of assets following the merger of Cresco Labs and Columbia Care.
After paying $185 million for the company, Diddy will now be the owner of a private company with licensed marijuana operations in three states.
With this investment, the company will become the first minority-owned, vertically integrated multi-state operator.
The Wall Street Journal also reported that the producer of Biggie Smalls, Faith Evans, and early Mary J. Blige will be able to grow and manufacture cannabis products, as well as be a wholesale distributor of branded products to licensed dispensaries and operate retail dispensaries.
While it is a great investment, it is also a social justice movement in which he is working to ensure the economic inclusion of underrepresented groups in the cannabis industry.
Combs is set to “work with state regulators, politicians, and cannabis executives to ensure diversity and equity in the industry” and will be able to “create generational wealth through Black opportunities and employment.”
His team also shares Brother Love wants to change the narrative that over-criminalized people of color in the cannabis space.
“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 Sean “Diddy” Combs, Chairman and CEO Combs Enterprises. “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.”
Diddy will have retail locations in Brooklyn, Manhattan, and New Hartford, New York. Rochester will have retail and manufacturing assets.
Diddy’s new company will have retail stores in Greenfield and Worcester, Massachusetts, as well as a production asset in Leicester.
He will operate stores in Chicago, Jefferson Park, and Villa Park, as well as retail and production assets in Aurora, Illinois.