Published: Nov 24, 2022 16:27:39
Updated: Nov 24, 2022 16:27:29
GREENFIELD — To create the world’s largest black-owned marijuana company, businessman and entertainment icon Sean “Diddy” Combs has agreed to acquire Greenfield’s Patriot Care Dispensary.
Columbia Care, which owns Patriot Care, and Combs Enterprises issued a joint statement earlier this month, calling the pending transaction “creating the nation’s first minority-owned and operated, vertically integrated, multi-state (cannabis) operator. It was constructed as a “do” movement. The deal is part of his $185 million deal in which Combs Enterprises will acquire assets in New York, Illinois and Massachusetts from Cresco Labs and Columbia Care. The acquisition of Patriot Care makes Greenfield one of her three affiliated communities in Massachusetts, in addition to Worcester and Leicester.
“These assets will provide the Combs team with significant market presence and enable them to have the greatest impact across the industry,” said Nicholas Vita, CEO and co-founder of Columbia Care, in a statement. increase. “It is clear that Sean has the right team to carry on the strong legacy of these Columbia Cares and Cresco Labs facilities and how he will continue to build on the cannabis industry through entrepreneurial leadership and innovation. I can’t wait to see how it helps us move forward.”
The statement said cannabis is the fastest growing industry in the country. A Profitable Business Aside from being a venture, Combs stressed that the deal is a big step towards social equity.
“My mission has always been to create opportunities for black entrepreneurs in industries that we have traditionally been denied access to. We will deliver immediate impact,” Combs’ chairman and CEO said in a statement. “Owning the entire process from growth to manufacturing to marketing to retail to wholesale is a historic triumph for culture, enabling us to empower diverse leaders across ecosystems and boldly advocate for inclusion. to.”
Cresco Labs and Columbia Care cited Combs’ impressive resume as a source of excitement. The statement described Combs as “one of the most successful entrepreneurs and cultural icons of all time,” boasting a “diversified business and investment portfolio covering the music, fashion, fragrance, beverage, marketing, film, television and media industries.” acknowledged as
“Based on his entrepreneurial spirit and proven track record, we think he’s going to do a really great job in this space,” said Adam Goers, senior vice president of corporate affairs at Columbia Care. I am writing by email.
Nicole Ranicco, General Manager of Patriot Care, said: “I hope it brings something new.”
The patron added that people at Columbia Care “see it as an absolute necessity” for Combs’ mission to empower black entrepreneurs and diversify the cannabis industry.
“When considering this sale, we were looking for someone with a similar passion and intent to create a more inclusive industry,” Goers wrote. “We look forward to the impact he will have on the cannabis industry in Massachusetts and beyond.”
Ranicco said her company hopes to close the deal by early next year. She said Patriot Care is not aware of any potential changes or interruptions to its services during that time.
“We run a really great clinic here,” she said. “As long as it lasts, that’s all we care about.”
“We hope the local community is as excited about Combs Enterprises as we are,” added Goers. “We want the industry to succeed and we felt this was a strategic move to achieve that. It’s business.”
Contact Julian Mendoza at 413-930-4231 or firstname.lastname@example.org.