Sean ‘Diddy’ Combs to Buy Cresco Labs, Columbia Care
Cresco Labs and Columbia Care have signed definitive agreements to divest certain New York, Illinois and Massachusetts assets to an entity owned and controlled by Sean “Diddy” Combs for an amount up to $185 million. The divestiture of the assets is required for Cresco to close its previously announced acquisition of Columbia Care. The transaction with Combs is expected to close concurrently with the closing of the Columbia Care acquisition.
This is Combs’ first investment in cannabis, and upon closing, will create the country’s first minority-owned and operated, vertically integrated multi-state operator. This transaction is said to be rooted in Cresco’s vision to develop the most responsible, respectable and robust industry possible, and advances Combs’ mission to open new doors in emerging industries for Black entrepreneurs and other diverse founders who are underrepresented and underserved.
Throughout his career, Combs has built a portfolio of leading global brands across music, entertainment, spirits, fashion and media. Combs has also maintained a deep commitment to philanthropy, with a focus on empowerment through education and entrepreneurship, and community activism.
These vertically integrated New York, Illinois and Massachusetts assets provide Combs the ability to grow and manufacture cannabis products; wholesale, and distribute those branded products to licensed dispensaries in major metropolitan areas like New York City, Boston and Chicago; and operate retail stores in all 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,” said Combs. “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.”
View the terms of the transaction from Cresco Labs.