{"id":4980,"date":"2022-11-22T04:20:25","date_gmt":"2022-11-22T12:20:25","guid":{"rendered":"https:\/\/www.dispensaries.com\/blog\/?p=4980"},"modified":"2022-11-22T07:08:09","modified_gmt":"2022-11-22T15:08:09","slug":"sean-diddy-combs-gets-into-cannabis-business","status":"publish","type":"post","link":"https:\/\/www.dispensaries.com\/blog\/sean-diddy-combs-gets-into-cannabis-business\/","title":{"rendered":"Sean \u201cDiddy\u201d Combs Gets Into Cannabis Business"},"content":{"rendered":"

Rap star turned business mogul Sean \u201cDiddy\u201d Combs is acquiring existing cannabis operations in New York, Massachusetts, and Illinois, creating the first minority owned, vertically integrated, multi-state marijuana business, according to Combs.<\/p>\n

The business will manufacture wholesale, branded cannabis products, distribute them to dispensaries across the three states, and operate retail stories in all three states. The deal provides Combs\u2019s company entry into some of the biggest metro markets in the country, including New York City<\/a>, Chicago and Boston.<\/p>\n

\u201cOwning the entire process \u2014 from growing and manufacturing to marketing, retail, and wholesale distribution \u2014 is a historic win for the culture that will allow us to empower diverse leaders throughout the ecosystem and be bold advocates for inclusion,\u201d Combs, Chairman and CEO of Combs Enterprises, said<\/a> in a press release.<\/p>\n

He added that his mission has been \u201cto create opportunities for Black entrepreneurs in industries where we\u2019ve traditionally been denied access, and this acquisition provides the immediate scale and impact needed to create a more equitable future in cannabis.\u201d<\/p>\n

The Deal Involves Two Companies<\/h2>\n

The $185 million deal, which is one of the biggest involving a celebrity-turned-business owner, involves Combs buying licensed cannabis operations from Cresco Labs Inc. and Columbia Care Inc. Cresco purchased Columbia Care earlier this year in a $2 billion deal. The deal made Cresco the biggest cannabis producer in the country and also required the company divest from its limited-license markets in states such as New York, Massachusetts and Illinois.<\/p>\n

Combs will own these licenses once the deal is completed. Charles Bachtell, Cresco Labs\u2019 CEO, said the deal is more significant than just the transaction itself. He said the deal \u201ccouldn\u2019t come at a time of greater significance and momentum\u201d because of recent movements to address injustice in the cannabis industry, growing bi-partisan political support for some elements of federal reform<\/a>, and states making social responsibility a priority in cannabis programs.<\/p>\n

\u201cFor an industry in need of greater diversity of leadership and perspective, the substantial presence of a minority-owned operator in some of the most influential markets in the country being led by one of the most prolific and impactful entrepreneurs of our time is momentous\u2026and incredibly exciting. We\u2019re thrilled to welcome Sean and his team to the industry,\u201d Batchell said in the press release.<\/p>\n

Many Celebrities Getting Into Cannabis<\/h3>\n

The deal adds cannabis to Combs\u2019 portfolio of businesses that include operations in music, media, fashion and spirits. Combs\u2019 brands include Aquahydrate, Bad Boy Entertainment, Combs Wine & Spirits, and Sean John.<\/p>\n

He also now belongs on a growing list of celebrities who have entered the cannabis business. They include Jay Z<\/a>, Martha Stewart<\/a>, and a variety of ventures from Snoop Dogg, including Snazzle Os snacks<\/a>.In this year alone, Jerry Garcia\u2019s family<\/a> announced a new weed brand that includes cannabis that the late Grateful Dead guitarist enjoyed and Gwyneth Paltrow<\/a> announced her investment in a cannabis beverage brand run by a man she used to babysit.<\/p>\n","protected":false},"excerpt":{"rendered":"

The hip hop mogul is set to launch the first minority owned, multi-state cannabis operation with a $185 million deal.<\/p>\n","protected":false},"author":8,"featured_media":4984,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[24,97,1346],"yoast_head":"\nSean \u201cDiddy\u201d Combs Gets Into Cannabis Business | Celeb Weed<\/title>\n<meta name=\"description\" content=\"The hip hop mogul is set to launch the first minority owned, multi-state cannabis operation with a $185 million deal.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dispensaries.com\/blog\/sean-diddy-combs-gets-into-cannabis-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sean \u201cDiddy\u201d Combs Gets 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