“Diddy” Combs is signing himself up to become the largest Black-owned business mogul. Diddy recently announced a deal that could be worth up to $185 million for him to create what will be the largest Black-owned cannabis business in the US. It’s certainly an exciting venture for Diddy, who has been considering his entry into the sector for years. He joins a distinguished list of celebrities such as Jay-Z, Snoop Dogg and Wiz Khalifa who have all established successful ventures in the cannabis industry.
It’s clear that this move isn’t all just business for Diddy, as he noted to The Wall Street Journal that the decision came as a result of wanting to address the surrounding racial inequalities in marijuana justice. “It’s diabolical,” said Combs, pointing out how people of color are disproportionately jailed for engaging in what is now a perfectly legal activity. “How do you lock up communities of people, break down their family structure and futures, and then legalize it and make sure those same people don’t get a chance to benefit or resurrect their lives from it?”
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Diddy’s move comes as Cresco Labs recently announced it was purchasing rival Columbia Care in a $2 billion deal which will make them the largest U.S. cannabis producer so far. It’s clear through deals such as this one that Diddy monitors market trends closely before getting ahead of the competition and entering the game – one with potential stakes reaching well over half a billion dollars. Diddy, however, comes from a humble background; raised by his grandmother after his father was tragically killed when he was just two years old.
After graduating from Roman Catholic Mount Saint Michael Academy in 1987 and beginning his studies at Howard University as a business major, he left after two years to pursue music production – which put him on the path to success. Through his career, Diddy has nurtured some of today’s biggest stars such as Jodeci and Mary J. Blige besides Notorious BIG, Carl Thomas, Faith Evans, 112, Total and Father MC. Leading such an impressive resume into what is sure to be yet another remarkable entrepreneurial feat, Diddy will continue to expand his already illustrious career portfolio with media, fashion and spirits.
