Diddy Buys Multiple Marijuana Operations for $185 Million, Creates Largest Black-Owned Cannabis Company
Diddy is now in the cannabis business. The music mogul has bought marijuana operations in three states for $185 million to create the largest Black-owned cannabis company in the world.
On Friday (Nov. 4), Diddy announced that he has agreed to acquire licensed cannabis operations in New York, Massachusetts and Illinois from Cresco Labs, the No. 1 U.S. wholesaler of branded cannabis, and Columbia Care, for $185 million. If approved by U.S. and state regulators, it will create the nation's first minority-owned and operated, vertically integrated multi-state operator in the world.
Diddy's investment will affirm his commitment to the economic inclusion of underrepresented groups in the cannabis industry. The Bad Boy Records founder says his mission has always been to create more opportunities for Black entrepreneurs in industries they have never traditionally had access to. Additionally, he wants to help Black people become leaders in diversifying the cannabis industry as it develops.
"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 press release.
The operation is vertically integrated which means that it will have the ability to grow and manufacture cannabis products, be a wholesale distributor of branded products to licensed dispensaries and operate retail dispensaries.
"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," added Diddy.
Diddy, who is also celebrating his 53rd birthday today, shared the historic news and his mission statement on his Instagram page as well.
Diddy is among several hip-hoppers who have invested heavily in the cannabis industry. Among them are Berner, Wiz Khalifa and Snoop Dogg.