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Benzinga
Benzinga
Business
Vuk Zdinjak

Sean 'Diddy' To Buy Cannabis Assets From Cresco & Columbia Care, Creating The Largest Minority-Owned MSO

Columbia Care Cresco MI Sean "Diddy" Combs Cresco Labs Illinois Massachusetts New York

Cresco Labs (OTCQX:CRLBF) (CSE:CL) and Columbia Care (OTCQX:CCHWF) (NEO:CCHW) (CSE:CCHW) announced the signing of definitive agreements to divest certain New York, Illinois, and Massachusetts assets to an entity owned and controlled by Sean “Diddy” Combs. The divestiture of the assets is required for Cresco to close its previously announced acquisition of Columbia Care. The transaction is expected to close concurrently with the closing of the Columbia Care acquisition. Total consideration for the transaction is an amount up to $185 million.

The transaction is Combs’ first investment in cannabis, and upon closing, will create the country’s first minority-owned and operated, vertically integrated multi-state operator.

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