After becoming rap's third billionaire this year, Diddy is officially diversifying into cannabis!
On top of his endeavors across numerous industries - music, film, fashion, beverages, fragrance, marketing, tv and media - Sean "Diddy" Combs wanted to create the largest Black-owned cannabis company.
The new company, controlled by Combs, would acquire nine retail stores and three production facilities in New York, Massachusetts, and Illinois. Combs’ company would pay $110 million in cash and $45 million in debt financing, plus additional money based on certain market-growth milestones. Cresco Labs and Columbia Care agreed to merge in March in a $2 billion deal.
While it is a great investment, it is also a social justice movement, where he is working to secure the economic inclusion of underrepresented groups in cannabis.
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.”
“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 Diddy, 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.”
We can't wait to see what happens next!
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