Sean 'Diddy' Combs to buy Columbia Care and Cresco's cannabis assets for $185 million

Business magnate and rapper Sean "Diddy" Combs has agreed to buy the cannabis retail and production assets owned by Columbia Care and Cresco Labs for up to $185 million to create the largest black cannabis company in the United States. Combs will purchase nine retail stores and three production facilities in Illinois, Massachusetts and New York, a move that will allow the black entrepreneur to launch "the nation's first vertically integrated, minority-owned and operated multi-state operator," according to a press release. The deal must be approved by regulators and licensed by federal antitrust regulators, and a new MJBizDaily report, "Diversity, Equity and Inclusion in the Cannabis Industry," shows that 12.1 percent of executives in the U.S. cannabis industry are minorities, down from 13.1 percent in 2021. That's well below the average for all U.S. businesses: about 20.1 percent of CEOs nationwide are minorities, according to the U.S. Bureau of Labor Statistics.

Information source: new.qq.com/omn/author/8713560