top of page

Puff Daddy Does Dagga! Sean "Diddy" Combs is the Latest Celeb to Enter the Cannabis Business; Coughs Up US$185 Million to Buy Cresco Labs and Columbia Care

Puff Daddy Does Dagga! Sean "Diddy" Combs is the Latest Celeb to Enter the Cannabis Business;  Coughs Up US$185 Million to Buy Cresco Labs and Columbia Care

US rapper, Puff Daddy, aka Sean “Diddy” Combs, has described US legalization as “diabolical” but has put his skin in the game with an agreement to purchase Cresco Labs and Columbia Care in three American states for US$185 million.

T.J. Branfelt, Ganjapreneur Magazine

22/11/07, 12:00

Sean “Diddy” Combs has agreed to purchase the cannabis operations of Cresco Labs Inc. and Columbia Care Inc. in three states for up to $185 million, The Wall Street Journal (WSJ) reports. The deal still requires regulatory approval and the company would need to divest assets in several states before it is finalized.


Under the proposal, the new company controlled by Combs would acquire nine retail stores and three production facilities in New York, Massachusetts, and Illinois. Combs’ company would pay $110 million in cash and $45 million in debt financing, plus additional money based on certain market-growth milestones. Cresco and Columbia agreed to merge in March in a $2 billion deal.


In an interview with the Journal, Combs seemed to describe legalization as “diabolical.”


“How do you lock up communities of people, break down their family structure, their futures, and then legalize it and make sure that those same people don’t get a chance to benefit or resurrect their lives from it?” — Combs to WSJ


Between 2010 and 2018, Black people were 3.6 times as likely as white people to be arrested for cannabis possession in the U.S., despite similar rates of cannabis use, according to data from the American Civil Liberties Union.


A June 2021 Leafly report utilizing data from Whitney Economics found that Black-owned businesses comprise just 2% of the roughly 40,000 cannabis companies in the U.S.


“Two percent? All the years, all the pain, all the incarceration,” Combs said. “To me, it was important to do a big deal like this.”


Combs’ other consumer brands include Sean John, a partnership with Diageo PLC on Cîroc vodka and DeLeón tequila.


More on Sean Diddy Combs


More on Cresco Labs


#

Nyandeni Municipality Punts Cannabis as an Investment Opportunity to Ease Dreadful Poverty

Nyandeni Municipality Punts Cannabis as an Investment Opportunity to Ease Dreadful Poverty

Thailand: Pro Cannabis Party Makes Better Than Expected Parliamentary Gains

Thailand: Pro Cannabis Party Makes Better Than Expected Parliamentary Gains

Portland, Oregon is the Most “Cannabis Friendly" City in the US; Birmingham, Alabama the Least

Portland, Oregon is the Most “Cannabis Friendly" City in the US; Birmingham, Alabama the Least

Nigerian Journalists Fined for Conspiracy and Defamation After Investigation into Cannabis Use at Rice Factory

Nigerian Journalists Fined for Conspiracy and Defamation After Investigation into Cannabis Use at Rice Factory

UK Parliament Debates Medical Cannabis for the First Time

UK Parliament Debates Medical Cannabis for the First Time

INTERNATIONAL

BREAKING NEWS

Cannabiz Africa Newsline

The Business Of Cannabis

Coming Fresh every Week.

Stay ahead in the cannabis industry! Subscribe to CANNABIZ AFRICA NEWSLINE for weekly insights on the business of cannabis. Fresh updates every week!

Thanks for subscribing!

bottom of page