Calgary, AB--Sean "Diddy" Combs announced in a news release via ATB Financial that he would purchase the planned divestiture of assets in New York, Illinois, and Massachusetts from Cresco Labs Inc. and Columbia Care Inc.
[Image courtesy of Getty Images (CNW Group/ATB Financial)]
This transaction, pr the release, 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. The release notes that the 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," said Sean "Diddy" Combs, Chairman and CEO of Combs Enterprises, in the news release.
The deal could create the nation's largest Black-owned and licensed cannabis company if approved by U.S. and state regulators. Per the release, Mr. Combs has said he wants to use the business as a platform to increase Black participation in the cannabis industry.
"ATB Financial is pleased to be an advisor of this milestone transaction which represents a pivotal moment for minority entrepreneurs as well as for this industry," said Curtis Stange, President & CEO, ATB Financial, in the news release. "Our highly specialized team of experts at ATB Capital Markets helps companies find success locally and globally with expert advice and access to capital."
Learn more in this release.