Earlier today (11/4) Creso Labs and Columbia Care announced a sale in three major U.S. markets to entertainment mogul Sean "Diddy" Combs according to the Wall Street Journal.

The purchase makes Diddy the creator of the largest minority-owned, vertically integrated cannabis company in the world. Creso Labs, the number one wholesaler of branded cannabis, is a vertically integrated multistate operator, meaning they have the ability to grow and manufacture cannabis. They are also a wholesale distributor of branded products to licensed dispensaries as well as operators of retail dispensaries. Colombia Care, one of the country's biggest cannabis operators is being acquired by Creso Labs. Through the deal, Diddy will own assets in the markets of New York, Illinois and Massachusetts.

The total purchase price for Combs is $185 million, to be paid concurrently with the closing of the acquisition.

"My mission has always been to create opportunities for Black entrepreneurs in industries where we've been traditionally denied access," Diddy said in a statement concerning the deal. "This acquisition provides the immediate scale and impact needed to create a more equitable future in cannabis. Owning the entire process - from growing and manufacturing to marketing, retail and wholesale distribution is a historic win for the culture that will allow us to empower diverse leaders throughout the ecosystem and be bold advocates for inclusion."