Posted: Nov 24, 2022 4:27:39 PM
Modified: 11/24/2022 4:27:29 PM
GREENFIELD – Businessman and entertainment icon Sean “Diddy” Combs has agreed to purchase Greenfield’s Patriot Care dispensary in an effort to create the world’s largest Black-owned cannabis company.
Columbia Care and Combs Enterprises, which owns Patriot Care, released a partnership statement earlier this month that sees the pending deal as “will create the country’s first minority-owned and operated, vertically integrated multi-state (cannabis) ) operator” initiative. The deal is part of Combs Enterprises’ $185 million acquisition of assets in New York, Illinois and Massachusetts from Cresco Labs and Columbia Care. The acquisition of Patriot Care makes Greenfield one of three Massachusetts communities involved in the deal, joining Worcester and Leicester.
“These assets provide Combs’ team with significant market reach, allowing them to have the greatest impact across the industry,” Columbia Care CEO and co-founder Nicholas Vita said in a statement. “It’s clear to us that Sean has the right team to carry on the strong legacy of Columbia Care and the Cresco Labs facility, and we can’t wait to see how he helps shape the growth of the cannabis industry through his entrepreneurial leadership and innovation”
The statement noted that marijuana is the fastest growing industry in the United States. Combs emphasized that, in addition to being a lucrative business venture, the deal is an important step toward social justice.
“My mission has always been to create opportunities for Black entrepreneurs in an industry we have traditionally been denied access to, and this acquisition provides the immediate scale and impact needed to create a fairer cannabis future,” said Combs Chairman and CEO Combs Enterprises said in a statement. “Owning the entire process — from cultivation and manufacturing to marketing, retail and wholesale distribution — is a historic cultural win that will allow us to empower diverse leaders across our ecosystem and be bold advocates for inclusion .”
Cresco Labs and Columbia Care found Combs’ impressive resume exciting. The statement called Combs “one of the most successful entrepreneurs and cultural icons of all time” with a “diversified business and portfolio spanning the music, fashion, fragrance, beverage, marketing, film, television and media industries.” .”
“We think he will do some really great work in this space based on his entrepreneurial spirit and proven track record,” Adam Goers, senior vice president of corporate affairs at Columbia Care, wrote in an email.
“We’re all very excited,” said Patriot Care general manager Nicole Rannikko. “We hope it will lead to something new.”
Goers added that those at Columbia Care “absolutely saw” the need for Combs’ mission to elevate black entrepreneurs and diversify the cannabis industry.
“In considering this divestiture, we hope that someone has a similar passion and intent to create a more inclusive industry,” Goers wrote. “We look forward to seeing the impact he will have on the cannabis industry in Massachusetts and beyond.”
Rannikko said her firm hopes to close the deal by early next year. Patriot Care has not been aware of any potential service changes or disruptions during that time, she said.
“We run a really great pharmacy here,” she said. “As long as this continues, that’s all we care about.”
“We hope the local community is as excited about Combs Enterprises as we are,” Goers added. “We want the industry to be successful and see this as a strategic move to help make that happen. From an operational standpoint, it’s business as usual until the deal closes.”
Contact Julian Mendoza at 413-930-4231 or firstname.lastname@example.org.