Just days after being crowned a billionaire, Sean “Diddy” Combs has announced the creation of his cannabis business, which happens to be the largest Black-owned marijuana company in the world.
On Friday, it was announced that Diddy moved to acquire marijuana operations owned by cannabis giants Cresco and Columbia Care. Once the regulatory licenses are finalized, the savvy businessman will own dispensaries in Brooklyn, Manhattan, Rochester, and New Hartford. Diddy will also oversee a Rochester production facility, retail stores, and production sites in Massachusetts and Illinois. The deal allegedly cost Diddy about $185 million, though he stands to bring in billions if all goes in his favor.
With legal marijuana being a $27 billion legal business in the U.S., African-Americans own less than 2% of the industry. The Bad Boy Records founder wants to increase options for people of color in the sector.
“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 shared in a statement about the exciting deal.
Columbia CEO Nicholas Vita said the sale will allow Diddy and his team to “make the most impact on the industry as a whole.”
With this new venture, the 53-year-old will completely control his marijuana production in a “historic win for the culture.” To make Diddy’s new deal even more exciting, it was announced on his birthday, November 4th.
Happy birthday and congratulations on yet another boss move, Sean “Diddy” Combs.
