Diddy was one of rap’s original moguls, with interests in fashion, beverages, tech, and more. Unfortunately, he’ll need to find a new way into one of the most lucrative growth industries available today after his plan to purchase a pair of cannabis companies for $185 million fell through. According to TMZ, Diddy had designs on buying the merged Cresco Labs and Columbia Care once their merger was completed — but was forced to cancel his deal, as shareholders of the two companies were unable to reach an agreement.
Per TMZ, the deal would have made Diddy the biggest Black cannabis business owner, with nine stores in Illinois, Massachusetts, and New York. Each also had its own production facility — vertical integration, baby — so it’d basically have been darn near all profit. Diddy would have joined a large — and growing — list of rappers with weed companies, which includes Jay-Z, Snoop Dogg, Wiz Khalifa, and more (this also brings to mind those Hair Club For Men commercials where Sy Sperling informs viewers he’s not only the president but also a client of his own business).
It’s been a rough year for Diddy on the business side thanks to a lawsuit against his former drinks partner, but he did also launch Empower Global, an online marketplace for Black-owned businesses, so it seems he’s still doing his best to