Reports noted that Diddy busted a significant move in the cannabis world, as the music mogul reportedly took ownership of a cannabis company, and the sale is almost finished.
The deal is worth $185 million, and the Wall Street Journal noted one of the companies purchased—Columbia Care, is the number one wholesaler of branded cannabis in the United States. Columbia Care and Cresco Labs are reportedly two of the biggest cannabis companies in the United States. The agreement will find Cresco Labs selling their New York, Massachusetts, and Illinois assets to Diddy. The purchase shifts the narrative surrounding Black people and minorities in the cannabis space, making Diddy the largest Black-owned cannabis company owner.
Cresco Labs CEO Charles Bachtell spoke on the move, saying, “We’ve seen executive power exercised to address matters of cannabis injustice, we’re seeing bi-partisan support for elements of federal reform, and we’re seeing some of the largest and most influential states in the country launch cannabis programs prioritizing social responsibility – this announcement adds to that momentum.”
While speaking to the Wall Street Journal, Diddy talked about marijuana experiencing legal demonization while the cannabis industry flourishes. “It’s diabolical. How do you lock up communities of people, break down their family structure, their futures, and then legalize it and make sure that those same people don’t get a chance to benefit or resurrect their lives from it?” said the mogul.
source: Wall Street Journal