Diddy Creates Largest Black-Owned Cannabis Company In The World

Sean “Diddy” Combs is ready yo expand his empire by taking on the cannabis business. He has agreed to purchase licensed marijuana operations in three states in a deal valued up to $185 million. He will create the largest Black-owned and licensed cannabis company in the world.

Diddy will have nine retail stores and three production facilities in New York, Massachusetts, and Illinois from Cresco Labs Inc. and Columbia Care Inc., two of the largest cannabis businesses in the U.S. The assets will allow Combs the ability to grow and manufacture cannabis products and wholesale and distribute those products to licensed dispensaries in major cities like New York City, Boston, and Chicago.

According to The Wall Street Journal, Diddy’s new company would pay $110 million in cash and $45 million in debt financing, along with additional money based on performance milestones.

“This is a historic win for the culture and a major step forward for diverse founders around the world!” he said. “My mission has always been to create opportunities for Black entrepreneurs in industries we’ve traditionally been denied access to. This deal opens the door for more minorities and diverse founders in Cannabis, and I’m proud to kick the door down!”