Diddy to buy cannabis businesses for up to $185M

CNBC reports that Diddy made the announcement on Nov. 4, which also happens to be his birthday. The hip-hop mogul has agreed to pay up to $185 million in a deal to acquire Cresco Labs Inc. and Columbia Care Inc. It is his first cannabis investment. CNBC reports that according to a press release, the transaction marks the creation of America's "first minority-owned, vertically integrated multi-state cannabis company.". The deal will also create the "world's largest Black-owned cannabis company."