DIDDY LOSES BID TO CREATE LARGEST BLACK-OWNED CANNABIS COMPANY AS DEAL COLLAPSES

Diddy has reportedly lost out on his bid to create the largest Black owned-cannabis company in the world due to Cresco Labs Inc. and Columbia Care Inc. abandoning their key merger.The Bad Boy Records boss announced last November that he’d be investing $185 million into cannabis operations helmed by Cresco Labs Inc. and Columbia Care Inc. — who were planning a massive merger — in order to obtain nine Black-operated retail stores across New York, Massachusetts and Illinois.However, according to various reports, the deal was terminated on July 28 due to Cresco Labs and Columbia Care aborting their merger.The two companies are valued at $1 billion and $500 million, respectively, and buy-in into their enterprises included a $110 million cash payment and an additional $45 million in debt financing, Last November, Diddy said such a price tag didn’t matter when it came to creating opportunities for the Black community.“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,” he 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.”To Continue Reading This Story, Click Here.