 Cresco Labs has been in process of aquiring Columbia Care, and as part of closing that transaction, Cresco was required to announce the selling of other assets.
Thus, they have just announced that they will be selling certain Cresco and Columbia Care assets in New York, Illinois, and Massachusetts to Combs Enterprises, which is owned and controlled by music figure, Sean Combs, otherwise known as “Diddy” and previously, “Puff” or “Puff Daddy.” The assets sold will give Combs the ability to grow and manufacture cannabis products, and distribute those branded products to licensed dispensaries in major metropolitan areas like New York City, Boston, and Chicago. He will also be able to operate retail stores in all three states. This is Combs first investment in the cannabis industry, and it will make him the very first minority owned, vertically inetegrated, multi state operator. Charles Bachtell, Cresco Labs’ CEO, called this transaction, “momentous … and incredibly exciting.” Columbia Care CEO and Co-founder, Nicholas Vita, added, “These assets offer the Combs’ team significant market presence, enabling them to make the most impact on the industry as a whole.” Sean Combs commented on the deal, saying, “…this acquisition provides the immediate scale and impact needed to create a more equitable future in cannabis.” Comments are closed.
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