Music and fashion mogul Sean “Diddy” Combs could become a dominant African American player in the cannabis industry with a pending deal for production and retail outlets in the Chicago area and in New York and Massachusetts.
In a deal worth at least $155 million, Combs is buying assets being spun off by Cresco Labs as part of its acquisition of a competitor, Columbia Care. Combs and company officials said the sale announced Friday will diversify the licensed weed business. Regulators in Illinois and other states have been under pressure to approve more cannabis licenses for minority-owned enterprises.
