The legal cannabis business is all the rage these days and with your favorite Hip-Hop artists getting in on the game, Diddy decided it was the perfect time to buy his way into the business. Unfortunately, things didn’t turn out exactly how he had hoped.
TMZ is reporting that a $185 million deal that the OG Bad Boy had lined up with a cannabis company unfortunately went left and left Diddy out in the cold for the time being. Though we’re sure Diddy won’t be giving up on his vision of owning his own weed company, this was a setback that he didn’t see coming as he was patiently waiting for the deal to get done.
Sources with direct knowledge tell us Diddy waited in the wings as Cresco Labs and Columbia Care planned their proposed merger that was agreed upon last year.
However, we’re told the shareholders never reached an agreement, and Diddy’s deal was terminated earlier this week as a consequence. Diddy’s team tells us he and his Combs Global empire still have a vested interest in pursuing opportunities to diversify the cannabis industry … they just have to find the perfect fit.
The move would’ve made Diddy the owner of 9 stores throughout New York, Massachusetts and Illinois, with each having its own production facility … effectively making him the biggest Black cannabis business owner.
Y’all know Diddy might be a little peeved at the fact that he’ll have to wait a bit longer to become the “biggest Black cannabis business owner” in the game. He’s gonna love saying that to anyone willing to listen.
When the next deal presents itself remains to be seen, but best believe he’s not going to settle for some regular old marijuana company that has a store or two. If Diddy isn’t going big, he’s going home. That’s just how he rolls.
Diddy’s $185M Deal With Cannabis Company Goes Up In Smoke was originally published on hiphopwired.com
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