After breaking into the big billionaire club, Sean “P. Diddy” Combs reminds us again who he is. The Bad Boy told us before that he “can’t stop, won’t stop.”
Now, he is adding the world’s largest Black-owned cannabis company to his empire. Diddy has entered a new industry – cannabis.
On top of his success across numerous industries – music, fashion, fragrance, beverage, marketing, film, television, and media – Combs is making one of his most significant moves with the acquisition of assets after the merger of Cresco Labs and Columbia Care.
Diddy will now be the owner of a company with licensed marijuana operations in three states after acquiring the company for $185 million.
The investment creates the first minority-owned, vertically integrated multi-state operator.
The Wall Street Journal also announced the significant move, where the producer behind Biggie Smalls, Faith Evans, early Mary J. Blige, and others, will be able to grow and manufacture cannabis products, 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, 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.”
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 operate retail outlets in New York: Brooklyn, Manhattan, and New Hartford. Rochester will have both retail and production assets.
In Massachusetts, Diddy’s new company will have retail stores in Greenfield and Worcester, while Leicester will house a retail store and a production asset.
In Illinois, he will operate stores in Chicago, Jefferson Park, and Villa Park, with retail and production assets in Aurora.