The billionaire created “the first minority-owned, vertically integrated multi-state cannabis brand” by purchasing assets from Cresco Labs and Columbia Care in three states.
Sean Diddy Combs is adding to his impressive resume of triumphs.
The hip-hop entrepreneur entered the cannabis industry in a significant way, according to a news release given to ESSENCE. Combs reportedly consented to pay almost $185 million to acquire authorised marijuana businesses in three states. Two of the biggest cannabis businesses in the nation, Cresco Labs Inc. and Columbia Care Inc., are selling their cannabis operations.
In a press release, Sean “Diddy” Combs, Chairman and CEO of Combs Enterprises, stated: “My mission has always been to create opportunities for Black entrepreneurs in industries where we’ve traditionally been denied access. This acquisition provides the immediate scale and impact needed to create a more equitable future in cannabis. We will be able to promote diverse leaders throughout the ecosystem and be fearless advocates for inclusion because we will own the entire process, from growing and manufacturing to marketing, retail, and wholesale distribution.
According to a news release, Combs will be able to grow and manufacture cannabis products, wholesale and distribute those branded products to authorised dispensaries in significant urban areas like New York City, Boston, and Chicago, and run retail stores in all three states thanks to these vertically integrated New York, Illinois, and Massachusetts assets.
Sean Diddy Combs is adding to his impressive resume of triumphs.
The hip-hop entrepreneur entered the cannabis industry in a significant way, according to a news release given to ESSENCE. Combs reportedly consented to pay almost $185 million to acquire authorised marijuana businesses in three states. Two of the biggest cannabis businesses in the nation, Cresco Labs Inc. and Columbia Care Inc., are selling their cannabis operations.
In a press release, Sean “Diddy” Combs, Chairman and CEO of Combs Enterprises, stated: “My mission has always been to create opportunities for Black entrepreneurs in industries where we’ve traditionally been denied access. This acquisition provides the immediate scale and impact needed to create a more equitable future in cannabis. We will be able to promote diverse leaders throughout the ecosystem and be fearless advocates for inclusion because we will own the entire process, from growing and manufacturing to marketing, retail, and wholesale distribution.
According to a news release, Combs will be able to grow and manufacture cannabis products, wholesale and distribute those branded products to authorised dispensaries in significant urban areas like New York City, Boston, and Chicago, and run retail stores in all three states thanks to these vertically integrated New York, Illinois, and Massachusetts assets.
According to Charles Bachtell, CEO of Cresco Labs, in a news release, “Today’s announcement is bigger than the Transaction — and it couldn’t come at a time of greater relevance and momentum.”
“We’ve seen executive power used to address issues of cannabis injustice, we’re seeing bipartisan support for parts of federal reform, and some of the biggest and most powerful states in the nation have launched cannabis programmes that prioritise social responsibility – this announcement adds to that momentum. The deal represents a significant step forward for Cresco in completing the purchase of Columbia Care and strengthening our position as the market leader in one of the future’s most important consumer product categories. The significant presence of a minority-owned operator, led by one of the most successful and powerful businesspeople of our time, in some of the most important markets in the nation is significant—and extremely exciting—for an industry that needs more diverse leadership and perspectives. We are pleased to have Sean and his crew join the business.
“These assets offer the Combs’ team tremendous market exposure, enabling them to make the maximum effect on the industry as a whole,” stated Nicholas Vita, CEO and co-founder of Columbia Care. We have no doubt that Sean has the ideal team in place to continue the illustrious traditions of both Columbia Care and Cresco Labs facilities, and we can’t wait to see how his innovative leadership will help define the cannabis sector in the years to come.
