GREENFIELD, Mass. (WWLP) – Rapper, businessman, and entrepreneur Sean “Diddy” Combs is purchasing Patriot Care, a Greenfield cannabis company, through the purchase of the parent company Colombia Care.
Combs is purchasing a combination of Cresco and Columbia care Cannabis locations in 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,” said Combs in a news release issued by Cresco Labs.
This is Combs’ first investment in the cannabis industry, and he will be able to grow, manufacture, distribute, and wholesale the products to licensed dispensaries.
“Today’s announcement is bigger than the transaction- and it couldn’t come at a time of greater significance and momentum,” said Charles Bachtell, Cresco Labs CEO.
Colombia Care is licensed in 18 U.S. jurisdictions and operates 131 facilities, 99 dispensaries and 32 cultivation and manufacturing facilities. Patriot Care is located in Lowell, Boston, and Greenfield.
The acquisition was announced on November 4 in a joint statement with Cresco Labs and and Combs. According to the news release, the purchase price for the cannabis dispensaries is set at $110,000,000 cash and $45,000,000 in seller’s notes.