Music mogul Sean “Diddy” Combs’ ambitious plan to acquire a pair of marijuana operations for $185 million has collapsed.
The deal, which would have made Diddy the owner of nine stores throughout New York, Massachusetts, and Illinois, was terminated earlier this week after shareholders failed to reach an agreement.
The information was first reported by TMZ.com.
Diddy’s intention to enter the cannabis industry was part of a broader effort to diversify the industry and create opportunities for Black entrepreneurs.
The acquisition was set to follow the merger of Cresco Labs and Columbia Care, making Diddy the owner of a company with licensed marijuana operations in three states.
The investment would have created the first minority-owned vertically integrated multi-state operator,.
The Bad Boy mogul’s vision extended beyond mere business interests. Diddy aimed to work with state regulators, politicians, and cannabis executives to ensure diversity and equity in the industry.
The deal was seen as a social justice movement, with Diddy working to secure the economic inclusion of underrepresented groups in cannabis and create generational wealth through Black opportunities and employment.
Despite the setback, Diddy and his team have expressed that he and his Combs Global empire still have a vested interest in pursuing opportunities in the cannabis industry.
This is the latest setback for Diddy as he works to expand his business empire.
Recently, he lost a lucrative deal with liquor giant Diageo to market Ciroc.
The relationship soured after Diddy accused the company of racism, leading to the termination of their partnership and the winding down of their collaboration to market the tequila brand DeLeon.