August 1st 2023.
In 2022, it was reported that Cresco Labs and Columbia Care intended to sell their New York, Illinois, and Massachusetts assets to Sean "Diddy" Combs for a whopping $185,000,000. However, the deal did not come to pass as Cresco Labs and Columbia Care announced their mutual termination of the planned merger on July 30, 2023.
Charles Bachtell, CEO and co-founder of Cresco Labs, commented that, “In light of the evolving landscape in the cannabis industry, we believe the decision to terminate the planned transaction is in the long-term interest of Cresco Labs and our shareholders.” This unfortunate news also meant that Sean Combs' dream of becoming the country’s first Black-owned-and-operated, vertically integrated multi-state cannabis operator was put to rest.
The agreements signed on November 4, 2022 to divest the New York, Illinois, and Massachusetts assets to Combs Enterprises were also terminated on July 28, 2023. This was a huge blow to Diddy, who said he was trying to build a business for Black people in the cannabis industry. When the deal was announced in November 2022, he expressed his mission to create opportunities for Black entrepreneurs in industries where they were traditionally denied access.
This would have been Combs Enterprises' first investment in the cannabis industry. The company owns and operates Sean John, Capital Prep, AQUAhydrate, Combs Wines and Spirits, Empower, and Revolt.
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