Last Friday, Sean “Diddy” Combs made the announcement that he was purchasing three pre-existing marijuana operations in three states.
For a colossal $185 million, Diddy bought the operations from Cresco Labs and Columbia Care who had to divest these operations in order for their merger to pass.
Diddy said he’s buying the assets in order to combat the overly white landscape of the marijuana industry, which has 81% of businesses owned by white people.
“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.
Diddy gets 9 retail stores and three production facilities based in New York, Illinois, and Massachusetts in the deal. This is his first venture into the Cannabis world.
Read the original story at High Times.