Sean Diddy Combs is getting into the marijuana business! The rapper turned businessman is investing heavily in the legal cannabis market.
In a massive $185 million dollar deal he is buying two licensed marijuana businesses in three states. He’ll now be in charge of cannabis operations at Cresco Labs Inc, a $1 billion corporation, as well as Columbia Care Inc which is valued at $500 million.
Diddy is going to have nine stores in New York, Illinois and Massachusetts.
This is a big deal in New York because there are only ten of these licenses given in New York State and now Diddy owns at least one of those. And these companies he's buying are vertically integrated in New York which means they own the cultivation, the processing, the delivery and the sale of their own merchandise. He is going to make a fortune!
Sean needs to get on the horn with Snoop Dogg and get him to be in his commercials! He’d be a great pitch man!
Diddy said, “My mission has always been to create opportunities for Black entrepreneurs in industries where we've traditionally been denied access.”
Source: Fox 5 NY
Photo: Getty Images