Sean “Diddy” Combs Gains Multistate Cannabis Footprint In Deal With Cresco, Columbia CareNovember 8, 2022
Sean “Diddy” Combs has struck a $185 million deal to acquire cannabis retail and production assets in New York, Illinois, and Massachusetts from Cresco and Columbia Care. The divestitures were necessary to gain approval for Cresco’s pending $2 billion deal to purchase Columbia Care, which is now expected to close around the end of the first quarter of 2023.
Combs’s acquisition includes retail dispensaries in Brooklyn, Manhattan, New Hartford, and Rochester, New York, as well as a production hub in Rochester. In Massachusetts, Combs Enterprises is gaining retail shops in Greenfield, Worcester, and Leicester as well as a production site in Leicester. And in Illinois the deal includes dispensaries in Chicago’s Jefferson Park and Villa Park areas and a production site in Aurora.
“For Cresco, the transaction is a major step towards closing the Columbia Care acquisition and our leadership position in one of the largest consumer products categories of the future,” said Cresco CEO Charlie Bachtell. “For 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.”
“This acquisition provides the immediate scale and impact needed to create a more equitable future in cannabis,” added Combs. “Owning the entire process—from growing and manufacturing to marketing, retail, and wholesale distribution—is a historic win for the culture that will allow us to empower diverse leaders throughout the ecosystem and be bold advocates for inclusion.”—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.