Rapper and businessman Sean “Diddy” Combs is looking to invest in the cannabis industry in Rochester.
Diddy is a successful rap artist known for various records and will be buying $185 million in assets from Cresco Labs and Columbia Care.
According to Rochester First, the deal will close in 2023. The dispensary he’s buying is located on West Ridge Road in Rochester.
In addition to that dispensary, there are other assets in the purchase for other parts of New York, Massachusetts and Illinois.
My mission has always been to create opportunities for Black entrepreneurs in industries where we’ve traditionally been denied access, and this acquisition provides the immediate scale and impact needed to create a more equitable future in cannabis,” Diddy said in a statement.
Adam Goers, Senior Vice President of Columbia Care shared a statement as well.
“This is an exciting day for us as a step in progress in getting the closing of our transaction– but most of all, this is a really big day for Sean Diddy Combs, but a really big one I think for New York State as well,” Goers said.
City Councilman Michael Patterson said that right now the indoor grow facility for Columbia is focused on medical marijuana. That will soon transition to adult recreation.
Patterson added that he had always hoped they would be able to work with the city to train people that want to start a lounge or dispensary, and now that hope could happen.
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