Diddy is currently involved in the cannabis industry. To establish the largest Black-owned cannabis corporation in the world, the music entrepreneur spent $185 million purchasing marijuana businesses in three states.
The No. 1 U.S. wholesaler of branded cannabis, Cresco Labs, and Columbia Care have agreed to sell Diddy their licensed cannabis businesses in New York, Massachusetts, and Illinois for $185 million. Diddy made the announcement on Friday, November 4. The first vertically integrated multi-state operator in the country and the world will be created if U.S. and state regulators allow it.
Diddy’s investment will demonstrate his dedication to the cannabis industry’s economic inclusion of marginalized populations. The founder of Bad Boy Records claims that his goal has always been to give Black entrepreneurs additional possibilities in fields to which they have not often had access. In addition, he wants to support Black individuals in developing into leaders in the cannabis industry’s diversification.
According to a press release, Diddy said in relation to the acquisition, “My mission has always been to create opportunities for Black entrepreneurs in industries where we’ve historically been denied access. This acquisition provides the immediate scale and impact needed to create a more equitable future in cannabis.
The business is vertically integrated, so it will be able to grow and produce cannabis products, distribute branded goods at wholesale prices to authorized dispensaries, and run retail outlets.
In addition, Diddy said, “Owning the entire process from growing and manufacturing to marketing, retail, and wholesale distribution is a historic success for the culture that will allow us to promote diverse leaders throughout the ecosystem and be fearless advocates for inclusion.
Diddy shared the historic information and his goal statement on his Instagram page as well. He is also enjoying his 53rd birthday at the moment.
