Music mogul Diddy is set to form the largest Black-owned weed company in the U.S. after making a major investment in the marijuana business.
The Wall Street Journal has reported Diddy – real name Sean Combs – has agreed to spend $185 million to acquire licensed cannabis operations in New York, Massachusetts and Illinois.
If approved by regulators, the purchase would create the USA’s largest licensed Black-owned weed company.
“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.”
Columbia CEO, Nicholas Vita, added: “These assets offer the Combs’ team significant market presence, enabling them to make the most impact on the industry as a whole. 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.”
News of Diddy’s move into the marijuana space comes after it was recently reported he helped Elon Musk buy Twitter. According to TMZ, Diddy invested approximately $10 million into Musk’s bid for the bird app.
Despite his business moves, Diddy has remained active in the music scene too, having released “Diddy Freestyle” and the “Gotta Move On” remix in the past four weeks.
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