Alberta—Sean “Diddy” Combs announced today that he has agreed to purchase the planned divestiture of assets in New York, Illinois, and Massachusetts from Cresco Labs Inc. and Columbia Care Inc. This historic transaction will create the first minority-owned, vertically integrated multi-state cannabis operator. ATB Financial is acting as Financial Advisor to Columbia Care on the divestiture process and on behalf of Combs Enterprises with regards to certain financing mandates. This transaction is expected to close at the end of Q1 2023.
"My mission has always been to create opportunities for Black entrepreneurs in industries where we’ve traditionally been denied access, and this acquisition provides the immediate scale and impact needed to create a more equitable future in cannabis,” said Sean “Diddy” Combs, Chairman and CEO of Combs Enterprises.
If approved by U.S. and state regulators, the deal could create the nation’s largest Black-owned and licensed cannabis company. Mr. Combs has said he wants to use the business as a platform to increase Black participation in the cannabis industry.
“ATB Financial is pleased to be an advisor of this milestone transaction which represents a pivotal moment for minority entrepreneurs as well as for this industry,” said Curtis Stange, President & CEO, ATB Financial. “Our highly specialized team of experts at ATB Capital Markets helps companies find success locally and globally with expert advice and access to capital.”
About ATB Financial
With $59.0 billion in assets, ATB Financial is an Alberta-built financial institution that is a catalyst for economic growth in our province. We got started in 1938 to help Albertans through tough economic times. Today, ATB Financial’s more than 5,000 team members love to deliver exceptional experiences to over 800,000 clients through our many branches and agencies, our 24-hour Client Care Centre, four entrepreneur centres, and our digital banking options. ATB powers possibilities for our clients, Alberta and beyond.
About ATB Capital Markets
ATB Capital Markets offers holistic corporate and capital markets advice, combined with customized financial solutions to help businesses thrive. We’re a full-service investment dealer for key industries on the cusp of a new era. Established in 2020, ATB Capital Markets helps clients with services that include investment and corporate banking, sales and trading, institutional research, and risk management.
ATB Capital Markets is Broker/Dealer #03 on the Toronto Stock Exchange.
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