Sean “Diddy” Combs Acquires Cannabis Companies in up to $185 Million Deal

Rapper Sean Combs, also known by the stage names Puff Daddy, P. Diddy, Diddy or Puff, struck up a deal with Cresco Labs and Columbia Care last week. 

CNBC reported, “The transaction marks Combs’ first investment in cannabis and will create the country’s first minority-owned, vertically integrated multi-state cannabis company, as well as the world’s largest Black-owned cannabis company, according to a release from Combs and the companies.”

Earlier this year, Cresco Labs agreed to purchase Columbia Care for $2 billion making it the top U.S. cannabis producer. “It was one of the biggest deals in the cannabis industry, and required Cresco to divest assets in limited-license markets such as New York,” per CNBC. 

Combs explained his motives for entering the cannabis industry in a press release last week. “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.”