ROCHESTER, N.Y. (WROC) — It’s 2022, and rapper and businessman Sean “Diddy” Combs is investing in Rochester’s cannabis infrastructure. According to a release from Cresco Labs, Combs, perhaps best known for his record “No Way Out,” is buying $185 million of assets from Cresco Labs and Columbia Care.
The deal is expected to close in 2023, according to Cresco Labs. Combs would be purchasing Rochester Columbia Care retail and production assets. The dispensary is on West Ridge Road in Rochester.
The purchase also includes assets from other parts of New York, Massachusetts, and Illinois.
“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,” Combs said in a statement.
Cresco Labs says that this new deal “will create the country’s first minority-owned and operated, vertically integrated multi-state operator.”