Culture | 11.04.2022

Sean “Diddy” Combs Acquires Cresco Labs Assets, Marking The First Minority-Owned Vertically-Integrated Multi-State Cannabis Operator

Diddy's recent acquisition marks the largest Black-owned cannabis company worldwide.

Hip-hop sensation Sean “Diddy” Combs is making some historical moves in the cannabis space. His long-awaited entry into the industry is now a reality, thanks to a major acquisition and his first-ever investment in cannabis.

You might know Diddy has a timeless hip-hop act, blazing the trail with classic hits like “I Need a Girl, Pt. 2” and his most recent single, “Gotta Move On,” with Bryson Tiller.

The Harlem-born artist knows the culture like the back of his hand, and it was only a matter of time until he brought his entrepreneurial expertise into the thriving cannabis space.

Combs & Cannabis

In a recent press release, Cresco Labs announced that it would divest assets in New York, Illinois, and Massachusetts to investor Sean “Diddy” Combs. In layman’s terms, Diddy just acquired Cresco Labs’ operations in the three above states in a deal valued at $185 million.

Not only does the new investment mark the largest Black-owned cannabis company worldwide, but it marks the first-ever minority-owned, vertically integrated multi-state cannabis operator.

The new acquisition includes the following:

  • 4 retail stores and 1 production facility in New York
  • 2 retail stores and 1 production facility in Massachusetts
  • 2 retail stores and 1 production facility in Illinois

In the three above states, Combs has complete ownership and control of the seed-to-sale process, from cultivation to production, manufacturing, and distribution. His branded products will be available in major cities in the three mentioned states.

Combs’ entryway into cannabis comes on the heels of Cresco Labs’ acquisition of its competition, Colombia Care. That $2 billion deal marked a milestone for the industry, making it the largest deal ever made in our space. Now, Diddy runs it in three thriving states.

The recent investment is much less about Diddy’s relationship with cannabis and more focused on equity while creating opportunities for minority entrepreneurs.

Diddy stated the following in a press release:

“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.”

He added that it’s a “historic win” to own the complete seed-to-sale process, emphasizing the importance of leadership diversity and ensuring our community remains as inclusive, welcoming, and equitable as ever.

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