It is a jaw dropping scandal flooding the news…but the cannabis industry is avoiding it because the big investment deal fell through.
The entertainment industry and the public is general have been shocked by the scandal around Diddy (formerly Puff Daddy, Sean Combs, etc). The tentacles of his being charged at a federal level is making causing X in the music, entertainment, fashion, alcohol and monied worlds…but one industry is breathing a sigh of relief. There is a flood of celebrates who worried they will be pulled down including Ashton Kutcher, actor and Silicon Valley investor, Kevin Hart, Usher, Jay-Z, and more. But Diddy’s failed cannabis investment saves industry a scandal, right as it seems to waiting for good news.
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Combs was arrested on Sept. 16 and charged with sex trafficking, racketeering and transportation to engage in prostitution charges. He is depicted as the leader of an alleged criminal enterprise, subjecting women and men to a pattern of physical and sexual abuse, according to federal prosecutors.
Investigators allege over a span of years, Combs would ply victims with narcotics and even resort to violence and intimidation during days-long sex sessions in events called “freak offs”. Big names were at these events and it has people running scared.
Diddy deeply dove into being part of the merge of cannabis companies Cresco Labs Inc. and Columbia Care Inc. They are currently two of the largest cannabis companies and were exploring a joint operations while adding additional investors. Diddy’s $155 million part would have given him a huge foothold into the growing market. His reach, wealth, and connections could have helped the industry. Luckily, in August 2023, the $ merger was terminated, canceling and voiding his deal with them.
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But what next? Other people near him have a role in the industry including Jay-Z. He Jay-Z started a $10 million investment for minority-owned cannabis startups. He is the Chief Visionary Officer of TPCO Holding.
Wiz Khalifa, Method Man, and Snoop Dog all have fingers in marijuana. Time will tell how the Diddy indictments plays out for all the players.
