This East Coast Rap Legend Just Bought an Upstate NY Weed Company! Who Is It?
Ever since recreational marijuana was legalized in New York in 2021, the industry has been growing non-stop ever since. New York is expected to generate more than $1.25 Billion in cannabis-related revenue over the next six years, and given how fast the industry has grown since legalization, that total may end up being even higher.
A legend of the rap and hip-hop genre has taken notice of this trend, and has bought himself into the cannabis business in Upstate New York and beyond.
Rap Icon Sean "Diddy" Combs Buys Assets of Rochester-Based Cannabis Company
A story from CBS 6 in Albany, New York detailed rapper Sean "Diddy" Combs' recent purchase of a major cannabis manufacturing and distribution company that has a location in Rochester, New York.
Combs is set to purchase assets from Cresco Labs and Columbia Care, a purchase that will cost the entertainer an astounding $185 million.
Given Combs' history in rap and in business, however, it's not surprising that he would make a purchase of this magnitude, nor is it surprising that he has the capital to pull it off. Combs rose to prominence as an entertainer working alongside The Notorious B.I.G. among other notable artists, both as a rapper, and as a producer.
Combs published his first solo album in 1997, and has been one of the titans of the industry ever since. He started a clothing line in 1998, and has been involved in many other high-profile business ventures ever since under his umbrella company, Combs Enterprises.
Now, he's entering into the cannabis business, one that has a tie to Upstate New York, as Combs will be investing in Columbia Care Rochester Dispensary on West Ridge Road as part of his purchase.
The deal that Combs signed will give him sole ownership of the entire process and infrastructure of the company: from growth and cultivation, to packaging, to distribution and beyond. It's a heavy investment, but one that seems poised to yield a high profit sooner rather than later.
Combs is a Empire State native, having been born in New York City. Now, at 53 years old, he's heading a bit further north to continue building his business empire.
He's a Bad Boy for Life, and a New Yorker for Life, as well.