“All the years, all the pain, all the incarceration… To me, it was important to do a big deal like this,' said Diddy about his massive investment into the legal weed business.
If approved, the deal would create the nation’s largest Black-owned and licensed cannabis company, a platform Diddy said he wants to use to increase Black participation in the field.about his desire to get into the pot business to help address long-running inequities that have seen Black people disproportionately arrested and jailed for marijuana crimes even as they make up a “tiny” percentage of the market for legal weed.
Diddy will dive in by purchasing the cannabis operations of Cresco Labs Inc. and Columbia Care Inc. , two of the biggest cannabis companies in the country. The buy-in — which includes a $110 million cash payment and $45 million in debt financing — will give the Bad Boy boss nine retail stores and three production facilities in New York, Massachusetts and Illinois, according to a release announcing the deal.
The operations in the three states will give Combs the ability to grow and manufacture cannabis products and wholesale and distribute those branded products to licensed dispensaries in major metro areas including New York, Boston and Chicago, as well as operate retail stores in all three states. Bachtell noted that the transaction is a major step toward closing his company’s previously announced acquisition of Columbia Care and their push for greater diversity of leadership and perspective in the market. “The substantial presence of a minority-owned operator in some of the most influential markets in the country being led by one of the most prolific and impactful entrepreneurs of our time is momentous… and incredibly exciting.
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