The deal marks Combs' first investment in cannabis and will create the world's largest Black-owned cannabis company, according to a release.
"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," Combs added.
"For Cresco, the transaction is a major step towards closing the Columbia Care acquisition and our leadership position in one of the largest consumer products categories of the future," said Charles Bachtell, CEO of Cresco Labs. Bachtell added that the industry is in need of"greater diversity of leadership and perspective," and that the deal with Combs is"incredibly exciting."
The deal adds to Comb's growing portfolio of businesses venture that includes music, fashion, media and spirits.
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