The rapper and Hollywood celebrity is putting his name into the cannabis industry
Sean John Combs, commonly known as P Diddy or Puff Daddy, is an American rapper, singer, songwriter, actor, record producer and entrepreneur. Many know him for having worked as a talent manager at Uptown Records. However, his worldwide recognition could now be extended thanks to his planned major foray into the cannabis industry. The hip hop mogul has recently reached a tentative deal to buy US-branded cannabis wholesaler Cresco Labs and future merger with Columbia Care valued at $2 billion.
According to a company announcement late last week, several definitive agreements have been signed to sell certain assets in New York, Massachusetts, and Illinois for Combs to control. Details reveal that the cost of the transaction amounts to $185 million.
By taking over the assets, P Diddy will have the ability to manufacture and cultivate cannabis products, wholesale and distribute those products to licensed dispensaries in major metropolitan areas such as Boston, New York, and Chicago. In addition, the entrepreneur will be able to operate retail stores in all three states as well as a Columbia Care production facility in Aurora.
Should the move be approved by regulators, Combs would form the largest black-owned marijuana company in the country. It is important to note that regulators in The Prairie State and other states have been under pressure to approve more cannabis licenses for minority-owned businesses.
Charles Bachtell, CEO of Cresco Labs, said, “Today’s announcement is bigger than the Transaction – and it couldn’t come at a time of greater significance and momentum.” For his part, Combs says his mission has always been focused on opening new doors for black entrepreneurs in markets where access has been extremely difficult. He sees this acquisition as the perfect opportunity to create a more equitable future in the marijuana market.