Diddy has officially created the largest Black-owned cannabis company, spending $185 million USD to acquire several licensed cannabis operations in the United States.
The Bad Boy Records founder purchased Cresco Labs, the No. 1 U.S. wholesaler of branded cannabis, and Columbia Care in the states of New York, Massachusetts and Illinois, and will be the country’s first minority-owned and operated, vertically integrated multi-state operator upon closing. Diddy will be able to grow and manufacture cannabis products in wholesale, distribute the products to licensed dispensaries in areas like New York City, Boston and Chicago and operate retail stores in the three states.
“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,” Diddy said in a statement. “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.”
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