Rap mogul Diddy has been a successful businessman outside of his music career. Now, his latest move could help him own the largest Black-owned cannabis company.
Bad Boy CEO Diddy is adding to his many business ventures as he steps into the cannabis industry in a big way. He is set to become the owner of the world’s largest Black-owned cannabis company.
According to the Wall Street Journal, the “Gotta Move On” rapper has agreed to purchase three licensed medical operations in three states for $185 million. Those states include New York, Massachusetts, and Illinois.
Diddy, real name Sean “Love” Combs, made the purchase through Cresco labs, which is the No.1 U.S. wholesaler of branded cannabis.
Mr. Love plans to help the racial inequities in the cannabis industry and create more wealth for Black entrepreneurs.
In cities such as New York City, Boston, and Chicago, Puff will be able to grow, manufacture, and distribute to licensed dispensaries. He is also eligible to operate retail stores in these three states.
Chicago rapper Vic Mensa started his own cannabis brand, 93 Boyz. The name comes from 1993, Vic’s birth year.
According to Forbes, Vic started the brand to “keep his first hustle”, as he said he started selling cannabis at 15 but stopped to pursue his rap career.