Diddy will need to find another cannabis business to invest in since his planned $185 million acquisition of two marijuana businesses is no longer going to happen.
Diddy was reportedly waiting in the wings as Cresco Labs and Columbia Care plotted their proposed merger, which was approved last year, according to sources with firsthand knowledge.
However, according to our sources, the stockholders were unable to come to a compromise, and as a result, Diddy's contract was canceled early this week. Diddy's team claims that he and the Combs Global conglomerate are still interested in exploring ways to expand the cannabis market; they simply need to find the ideal match.
With nine locations in New York, Massachusetts, and Illinois, each with a production facility of its own, Diddy would have become the largest Black cannabis business owner if the decision had been approved.
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