Diddy To Buy Cannabis Operations In NYC, Massachusetts, and Illinois

Diddy To Buy Cannabis Operations In NYC, Massachusetts, and Illinois

Diddy is planning to plant his foot into the cannabis field and purchase operations in New York, Massachusetts, and Illinois for $185 million.

If the deal goes through, Puff Daddy will have created the largest Black-owned and licensed cannabis company in the United States. The Revolt TV founder’s goal is to use the business to increase the Black presence in the cannabis industry, especially after decades of inequality within the space.

Black people make up a large subset of those who have been imprisoned for marijuana crimes, and make up one of the smaller percentages of people who profit from legal cannabis.

“It’s diabolical,” the 53-year-old said in an interview. “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?”

The total deal will provide Brother Love with nine retail stores and three production facilities in total, acquired from Cresco Labs Inc and Columbia Care Inc., which merged in March 2022. His company would be responsible for handing over $110 million in cash and $45 million in debt financing. Specific market-growth milestones would also render the need for additional money.

This move adds to Diddy’s already loaded business portfolio, made up of fashion, media, and spirit ventures. Recently, he has been pumping out music as well with “Gotta Move On” featuring Bryson Tiller, the subsequent remixes featuring Cool & Dre, Ashanti, Yung Miami, Fabolous, and Tory Lanez, plus his “Diddy Freestyle.”

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