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Rap and businessman Sean Combs, known as “Diddy”, has agreed to sell illegal drugs in several countries for $185 million.
It was bought by Mr. Combs owns nine retail stores and three manufacturing facilities across New York, Massachusetts, and Illinois, from Cresco Labs and Columbia Care companies. These two companies will have to divest their assets as part of the planned merger.
“For Cresco, the transaction is an important step in closing the acquisition of Columbisa Care and our leadership position in one of the largest consumer product segments of the future,” said the CEO of Cresco Labs. Charles Bachtell said in a joint statement Friday.
The stores include Cresco Labs stores in New Hartford, New York, Worcester and Leicester, Massachusetts, and Columbia Care stores in Chicago, Brooklyn, Manhattan, Rochester, New York, Greenfield, Massachusetts and Villa Park, Illinois, according to according to the release.
New York’s drug dealers are currently medical-only, though the state plans to begin issuing recreational licenses later this year.
The manufacturing properties include Columbia Care facilities in Rochester, New York and Aurora, Illinois and a Cresco Labs facility in Leicester, Massachusetts, the news release explains.
“These properties provide a great opportunity for the Combs team… We know Sean has the right team to carry on the legacy of these Columbia Care and Cresco Labs facilities,” said the CEO of Columbia Care Nicholas Vita in press release.
It was taken by Mr. Combs works, not for profit but for purpose; he wants to address the public injustices in the drug industry related to the War on Drugs.
“How do you close people’s communities, destroy their families, their lives, and then ensure that they don’t have a chance to be productive or rebuild their lives,” the statement said. and mr. asked the Wall Street Journal.
The drug company Mr. Combs is the first of the few, multi-state, self-governing corporations in the United States.
Despite submitting to Mr. Combs, Cresco Labs must acquire additional assets to complete the Columbia Care merger.
In a research note on Friday, Pablo Zuanic of the investment banking firm Cantor Fitzgerald, laid out the remaining items for sale.
Mentioned by Mr. Zuanic has a Florida cannabis license, five stores and related manufacturing facilities in Ohio, and a small processor in Maryland, according to Marijuana Business Daily.
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