This past weekend, Sean “Diddy” Combs is dropped a bomb on the cannabis industry.
It was announced that the music and media mogul had completed a deal to purchase Cresco and Columbia Care for up to $185 million.
If approved by U.S. and state regulators, the deal could create the nation’s largest Black-owned and licensed cannabis company. Mr. Combs said he wants to use the business as a platform to increase Black participation in the cannabis industry per WSJ
Cresco and Columbia agreed to merge in March in a $2 billion deal. This move would give Combs a footprint in three states.
In an industry that has a severe lack of color in ownership positions, this was great news for many Black cannaprenuers.
“That’s great news to have someone of that stature in this industry,” said Troy Datcher.
Datcher is President of The Parent Co. He is currently the only Black man to be president of a cannabis company.
I spoke with Troy about the news while in New Orleans for Black Cannabiz Expo & Conference.
“Once of the reasons I got into this industry was to have more people who looked like me and you. It’s great to see someone like him who has set the trends in music and beverage over the years. Competition breeds great things so I’m glad to see Diddy come to the table”
What are your thoughts on Diddy’s latest purchase?
