Sean ‘Diddy’ Combs to acquire cannabis businesses for up to $185M

Sean ‘Diddy’ Combs accepts the Lifetime Achievement Award onstage during the 2022 BET Awards at Microsoft Theater on June 26, 2022 in Los Angeles, California.

Kevin Winter | Getty Images Entertainment | Getty Images

Hip-hop mogul and businessman Sean “Diddy” Combs is venturing into the world of cannabis.

Combs has agreed to acquire licensed cannabis operations in New York, Massachusetts and Illinois from Cresco Labs Inc. and Columbia Care Inc., in a deal worth up to $185 million. The transaction marks Combs’ first investment in cannabis and will create the country’s first minority-owned, vertically integrated multi-state cannabis company, as

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