Business

If regulators approve the deal, Combs is well on its way to creating the world’s largest black-owned cannabis company.

Sean “Diddy” Combs will buy several licensed cannabis plants in Massachusetts in a deal worth up to $ 185 million. Press association

Entrepreneur-turned rapper Sean “Diddy” Combs is entering the cannabis market by purchasing several Massachusetts licensed mar*juana in a deal worth up to $ 185 million.

Combs has agreed to acquire retail stores and manufacturing facilities in New York, Massachusetts, and Illinois from Cresco Labs Inc. and Columbia Care Inc., which are required to divest certain assets in a previously announced merger.

Operations in Massachusetts include retail stores in Green field, Worcesterand Leicesterand a manufacturing facility in Leicester.

If regulators approve the deal, Combs is on track to create the world’s largest black-owned cannabis company and the country’s first minority-owned, vertically integrated multi-state cannabis company, according to Friday’s press release.

“My mission has always been to create opportunities for black entrepreneurs in industries we have traditionally been denied access to, and this acquisition provides the immediate scale and impact needed to create a fairer future in cannabis,” Combs, President and CEO of Combs Enterprises, said in a statement .

He said having a vertically integrated company – with control over development, marketing, retail and wholesale distribution – is “a historic win for culture that will enable us to empower various leaders across the ecosystem and be courageous champions of integration.”

Although black Americans make up over 13% of the population, they only make up 2% of the cannabis business owners in the country, according to Leafy report. Meanwhile, people of color have a disproportionate effect he has borne the burden when it comes to cannabis law enforcement.

“It’s diabolical,” said Combs Wall Street Journal in the interview. “How to close communities of people, break down their family structure, their future, and then legalize and make sure that the same people have no chance to benefit from this or resurrect from this life?”

In a press release Friday, Cresco Labs CEO Charles Bachtell said the company was delighted to welcome Combs and his team to the industry.

“For an industry that needs a greater variety of leadership and perspectives, having a significant minority operator presence in some of the country’s most influential markets, led by one of the most prolific and influential entrepreneurs of our time, is of great importance … and incredibly exciting,” said Bachtell .

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