Diddy Creates Largest Black-Owned Cannabis Company

Diddy has officially established the largest Black-owned cannabis company in the United States, spending $185 million USD to acquire several licensed cannabis operations in the country.

After purchasing Cresco Labs, the No. 1 U.S. wholesaler of branded cannabis, and Columbia Care in the states of New York, Massachusetts, and Illinois, the Bad Boy Records founder will be the country’s first minority-owned and operated, vertically integrated multi-state operator.

Diddy will be able to grow and manufacture cannabis products in bulk, distribute them to licensed dispensaries in cities such as New York, Boston, and Chicago, and run retail stores in all three states.

“My mission has always been to create opportunities for Black entrepreneurs in industries where we’ve traditionally been denied access, and this acquisition provides the immediate scale and impact needed to create a more equitable future in cannabis,”

Diddy said in a statement. “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.”