This week, an entity owned and controlled by Sean “Diddy” Combs known as Combs Enterprises announced the signing of definitive agreements to acquire certain cannabis assets in New York, Illinois and Massachusetts from Cresco Labs (OTCQX:CRLBF) (CSE:CL) and Columbia Care (OTCQX:CCHWF) (NEO:CCHW) (CSE:CCHW), which are expected to close on a business combination transaction soon.
The Combs Enterprises transaction is also expected to close concurrently with the closing of Cresco’s acquisition of Columbia Care. The total consideration for the Combs transaction will amount to up to $185 million.
This is Combs’ first investment in cannabis, and upon closing will create the country’s largest minority-owned and operated, vertically integrated multi-state operator.
