Diddy Loses Bid To Create Largest Black-Owned Cannabis Company

According to reports, Cresco Labs Inc. and Columbia Care Inc.’s decision to back out of their planned merger has cost Diddy his chance to become the largest Black-owned cannabis company in the world.

In order to acquire nine Black-operated retail outlets in New York, Massachusetts, and Illinois, the head of Bad Boy Records revealed last November that he would be investing $185 million into cannabis operations led by Cresco Labs Inc. and Columbia Care Inc., who were preparing a significant merger.

Nevertheless, a number of stories claim that the agreement was canceled on July 28 as a result of Cresco Labs and Columbia Care abandoning their merger.

Despite the cancellation of this significant agreement, it was claimed that Cresco and Columbia Care “intend to focus on enhancing their competitiveness and driving efficiencies, positioning themselves for potential growth opportunities in the evolving cannabis industry landscape.”

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