Diddy has entered the cannabis sector, which is a very significant move. A significant cannabis business was just purchased by the music entrepreneur, and the transaction is almost finished.
The music executive and businessman now owns the first minority-owned and run multi-state operator thanks to the rumored $2 billion acquisition. This implies that one of his dispensaries might be moving to an area close to you.
According to estimates, the price of the company purchase is $185,000,000. Columbia Care, the top U.S. wholesaler of branded cannabis, is one of the companies engaged.
Additionally, a press release states that they have agreed to sell Diddy their properties in New York, Illinois, and Massachusetts. A Black guy or minority has never before in history held as much influence in the cannabis sector. Cresco Labs’ CEO Charles Bachtell issued the following statement:
“Today’s announcement is more significant and timely than the Transaction and is bigger than ever before. This announcement builds on the momentum that has already been created by the executive branch using its authority to address issues of cannabis injustice, bipartisan support for some aspects of federal reform, and the launch of cannabis programs with a social responsibility focus by some of the biggest and most powerful states in the nation.
The CEO welcomed Diddy to the company and also spoke about the need for diversity in the sector, saying, “For Cresco, the deal is a big step towards concluding the Columbia Care acquisition and our leadership position in one of the largest consumer product categories of the future. The significant presence of a minority-owned operator, led by one of the most successful and powerful businesspeople of our time, in some of the most important markets in the nation is significant—and extremely exciting—for an industry that needs more diverse leadership and perspectives. We are pleased to have Sean and his crew join the business.
Diddy discussed the legal demonization of marijuana while the cannabis industry is booming in a WSJ interview.
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He declared, “It’s diabolical.” How can you imprison entire communities of people, destroy their family units and futures, legitimize it, and ensure that those very same individuals never get the ability to profit from it or rebuild their lives?
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