The entertainment and spirits mogul hopes his latest business move will help close the gap for Black entrepreneurs in the cannabis industry.
Sean "Diddy" Combs continues to build his empire and legacy, and his latest business deal will change the game for Black entrepreneurs in the cannabis industry. Columbia Care and Cresco Labs—both giants in the cannabis industry—announced they are in talks to sell assets to Diddy for $185 million, spanning across several US States. If approved by U.S. and state legislators, this deal will position the Bad Boy mogul to form the largest Black-owned cannabis company in the United States—an industry projected to grow to $72 billion by 2030.
With 81% of cannabis businesses being white-owned, Combs' wish is to close the gap for Black and minority entrepreneurs looking to break into the cannabis world.
“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,” Combs 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.”
Under the finalized deal, Combs would acquire 9 cannabis retail stores and three production facilities spanning across New York, Massachusetts, and Illinois—also making it his first deal in the marijuana industry.
“These assets offer the Combs’ team significant market presence, enabling them to make the most impact on the industry as a whole,” said Columbia Care CEO and co-founder, Nicholas Vita. “It’s been clear to us that Sean has the right team to carry on the strong legacy of these Columbia Care and Cresco Labs facilities, and we can’t wait to see how he helps shape the cannabis industry going forward through his entrepreneurial leadership and innovation.”