ROCHESTER, N.Y. (WROC) — It’s 2022, and rapper and businessman Sean “Diddy” Combs is investing in Rochester’s cannabis infrastructure. According to a release from Cresco Labs, Combs, perhaps best known for his record “No Way Out,” is buying $185 million of assets from Cresco Labs and Columbia Care.
The deal is expected to close in 2023, according to Cresco Labs. Combs would be purchasing Rochester Columbia Care retail and production assets. The dispensary is on West Ridge Road in Rochester.
The purchase also includes assets from 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,” Combs said in a statement.
Cresco Labs says that this new deal “will create the country’s first minority-owned and operated, vertically integrated multi-state operator.”
“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,” said Adam Goers, Senior Vice President of Columbia Care.
City Councilman Michael Patterson has actually toured Columbia’s indoor grow facility and says it’s an amazing sight to behold and it’s devoted at least now to medical marijuana, but that will now transition to adult-use recreation. Patterson says he’s always hoped they would work with the city and train people interested in starting a lounge or dispensary… now he thinks, that wish will come true.
“Hearing that Mr. Combs’ company will be taking over that facility is and that he has expressed an absolute interest and focus in working with our community is tremendous for everyone that may well be interested in pursuing a career in cannabis. But it’s my sincere hope that they will make time and find a way to work specifically and particularly with our legacy market folks,” said Patterson.