Sean “Diddy” Combs has agreed to purchase the planned divestiture of assets in New York, Illinois, and Massachusetts from Cresco Labs Inc. and Columbia Care Inc. This historic transaction will create the first minority-owned, vertically integrated multi-state cannabis operator. ATB Financial is acting as Financial Advisor to Columbia Care on the divestiture process and on behalf of Combs Enterprises with regards to certain financing mandates. This transaction is expected to close at the end of Q1 2023.

“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,” says Combs, Chairman and CEO of Combs Enterprises.

If approved by U.S. and state regulators, the deal could create the nation’s largest Black-owned and licensed cannabis company. Combs has said he wants to use the business as a platform to increase Black participation in the cannabis industry.