Diddy will have to find another cannabis company to capitalize on, as the Bad Boy mogul's intended $185 million purchase to acquire a pair of marijuana operations is no longer going down.
Sources with direct knowledge tell us Diddy waited in the wings as Cresco Labs and Columbia Care planned their proposed merger that was agreed upon last year.
However, we're told the shareholders never reached an agreement, and Diddy's deal was terminated earlier this week as a consequence. Diddy's team tells us he and his Combs Global empire still have a vested interest in pursuing opportunities to diversify the cannabis industry ... they just have to find the perfect fit.
The move would've made Diddy the owner of 9 stores throughout New York, Massachusetts and Illinois, with each having its own production facility ... effectively making him the biggest Black cannabis business owner.
Guess it's on to the next one.