Rap music mogul Sean “Diddy” Combs plans to pay up to $185 million to create the first multi-state cannabis operator in the U.S. owned by an African American, Cresco Labs Inc. and Columbia Care Inc. confirmed.
Cresco Labs Inc. and Columbia Care Inc. on Friday confirmed plans by rap music mogul Sean “Diddy” Combs to pay up to $185 million for licensed pot companies in New York, Massachusetts and Illinois to create the first multi-state cannabis operator in the U.S. owned by an African American.
Also Read: Mike Tyson’s cannabis includes edibles shaped like Evander Holyfield’s ear after 1997 fight and a strain inspired by toad licking Combs has long been seeking ways to create more opportunities for Black entrepreneurs in industries that they’ve never traditionally had access to, according to a source familiar with the music star. Combs has been studying the cannabis industry to find the right opportunity, the source said.Cresco Labs CEO Charles Bachtell described the deal as “momentous” and said Combs was “one of the most prolific and impactful entrepreneurs of our time.
Racial minorities made up 12.1% of executives in the cannabis industry in 2022, down from 13.1% in 2022 and from a height of 28% in 2019. Some cannabis programs run by states have been trying to reverse this trend by providing minorities licenses to operate cannabis businesses. But many have run into problems with financing and have had to sell.
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