Monday was not a good day for billionaire Sean “Diddy” Combs—once one of the most highly respected producers in hip-hop and one of the most successful Black entrepreneurs to enter the game—as feds from multiple agencies raided two of his homes in Los Angeles and Miami. 

Two of Diddy’s homes were raided as part of a federal investigation led by the Southern District of New York into alleged human trafficking. Homeland Security officers from at least three locations took part in the raid, as well as other law enforcement members.

“Earlier today, Homeland Security Investigations (HSI) New York executed law enforcement actions as part of an ongoing investigation, with assistance from HSI Los Angeles, HSI Miami, and our local law enforcement partners,” the spokesperson said. “We will provide further information as it becomes available.”

Diddy’s lavish $40 million dollar home in Holmby Hills in Los Angeles was raided. Aerial footage from KTLA in Los Angeles showed multiple SWAT vehicles descending on his house. It boasts 17,000 square feet and has a 3,000 square-foot guesthouse, and Los Angeles Times reported that it has a theater, a gym, a wine room, and an underwater swimming tunnel connecting to an underground grotto.

His other home—Emilio and Gloria Estefan’s former home on Star Island in Miami Beach, Florida, worth $35 million—was also raided. Combs, 54, was in the Miami area when the raids were taking place, according to law enforcement agents who obtained a warrant for his arrest Investigators seized the phones of Combs, as he was scheduled to depart for a vacay to the Bahamas. 

In December 2023, a lawsuit was filed against Combs by a Canadian woman identified only as Jane Doe, who says she was sex-trafficked and gang raped in 2003 when she was 17 and in the 11th grade. She says two of her associates were also victims, and she is accusing him of running a “sex trafficking scheme.” 

The lawsuit names Combs, former Bad Boy Entertainment president Harve Pierre and an unnamed third defendant, claiming Pierre and the third unnamed defendant approached the girl at a lounge in Detroit, Michigan, where Pierre allegedly told her he was “best friends” with Combs and dialed him up.

With photographic evidence, the lawsuit alleges Pierre and the unnamed defendant convinced the girl to take a private jet to Combs’s studio in New York City, where she alleges she was drugged up, and gang raped by all three defendants.

Jane Doe is the fourth person to file a lawsuit accusing Combs of sexual assault. An earlier complaint, for instance was made on Nov. 16, 2023, when the producer’s former girlfriend, Cassandra “Cassie” Ventura, filed a lawsuit against Combs, accusing him of sex trafficking and sexual assault.

Since the allegations, Diddy has stepped down as chairman of Revolt, a music-oriented digital cable television network founded by the rapper and producer, which he founded about 10 years ago.

Combs took to social media on Dec. 6, 2023, to denounce the allegations against him and defend himself, writing in a post on IG and Twitter, “Enough is enough.”

“Sickening allegations have been made against me by individuals looking for a quick payday,” he said. “Let me be absolutely clear: I did not do any of the awful things being alleged. I will fight for my name, my family and for the truth.”

Who is Diddy?

Diddy’s downfall is epic, given his prior successes. As founder of Bad Boy Records, which peaked at $100 million in value, Combs is best known for discovering and transforming The Notorious B.I.G., Usher, Mary J. Blige, rapper-turned-preacher Ma$e, and many other prolific artists. He won three of 13 Grammy Award nominations. He moved into fashion in 1998, and was brand ambassador for Cîroc vodka up until last year when his legal troubles caught up with him.

Changing his name numerous times, including Puff Daddy, P. Diddy, and other names, Combs had multiple no. 1 albums and singles as an artist or featured artist. His ode to Notorious B.I.G. sampling Sting, “I’ll Be Missing You,” spent 11 weeks atop the Billboard Hot 100.

In 2022, Combs planned to launch what was billed as the world’s largest Black-owned cannabis brand with the $185 million purchase of existing licensed cannabis operations in three states, but the deal collapsed in 2023.

Diddy’s allegations come amid the fanfare of Quiet on Set on Max, a documentary exposing the dark underside of Nickelodeon, with allegations of multiple sex crimes involving the cast of All That and other shows on the network.

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A reader on Twitter recently complained that an earlier article referred to the candidates as “losers,” so I’m curious to know how that reader reacted to Vivek Ramaswamay’s opening remark at the GOP primary debate in Miami which used that same word to refer to the modern Republican party. Republicans lost big in Tuesday night’s elections, leading to both an Ohio constitutional amendment protecting abortion access for women as well as the passing of a bill legalizing recreational marijuana use for adults (Senate President Matt Huffman has promised to repeal the recreational marijuana bill, but there’s nothing to be done about a constitutional amendment at this time). 

In addition to big losses in Virginia and deep-red Kentucky, Vivek also brought up national losses in 2018 and 2020 and lamented the failure of the prophesied “2022 red wave” to materialize. He put a hefty amount of blame on Republican National Committee Chair Ronna McDaniel for the losses, who, as it turned out, was sitting in the front row. She declined his offer to immediately resign on camera. He also used his opening statement to attack the moderators of the debate and mainstream media in general, pointedly ignoring the opening question that tasked him with describing his virtues compared to those of national frontrunner Donald Trump. He got some applause, he got some boos, and later Nikki Haley told him that he was scum live on national television and was applauded for it. He had a big night. 

Vivek’s Strategy

Wednesday night’s debate was much more substantive than previous events, possibly because a lot of dead weight has been shaken off. Without Doug Burgum, Mike Pence, or Asa Hutchinson taking up space candidates had more room to maneuver and draw distinctions between themselves and their competitors, and no one accomplished this more successfully than Vivek Ramaswamay. 

Several times throughout the night he was able to sharply separate himself from the predictable Republican talking points the other candidates were giving out. He was far ahead of the curve when it came to Ukraine and the United State’s growing, if unspoken, reluctance to continue funding a war that is taking far too long and accomplishing next to nothing, especially in light of increased spending on Israel’s military assault on Gaza. He alone was willing to question the wisdom of simply attempting to ban a social media app with almost 150 million users in America because China built it. He alone noted some difficulties in going to war with a country that happens to do over 150 billion dollars worth of business with America every year. 

Glorious war with China, banning the perfidious TikTok, and assured victory in Ukraine are all things that almost all republican candidates think they have to vocally believe in and support, but they are all also extremely unlikely if not outright impossible. But only Vivek Ramaswamay is apparently willing to go against the orthodoxy. Vivek has always sought to set himself apart from the crowd of established politicians, and on Wednesday he cranked this up a notch.

But Aren’t Vivek’s Numbers Still in the Toilet? 

Boy, are they ever! Immediately after the last debate, a Fox focus group of Republican voters had found Ramaswamay “untrustworthy” and “arrogant”. His numbers in Iowa reflect this attitude. His unfavorables are a disaster and a shocking number of republican voters have straight up said they will never, ever vote for him, no matter what happens or who is still in the race, which is not what you want to hear going into an election. 

Will This Debate Help?

Help him become president? Absolutely not, except in one very, very particular case. It’s important to remember that Chris Christie has the exact opposite opinions on China, TikTok, and Ukraine, and he’s bouncing along the bottom of the toilet bowl underneath everyone else. Republican voters aren’t deciding this election based on foreign policy. In fact they’ve already decided who they want to be president, and his name is Donald Trump. As long as he’s alive and eligible, he is going to be their pick for the 2024 nominee, and every loser on that stage knows it. They stopped running for President a long time ago. Most of them aren’t even running for Vice President; over half of them either worked directly for Trump, or owe their political career to him, and as a result are seen now as back-stabbers and betrayers for having the temerity to run against him. None of them are getting the nod from Trump. Standing behind them is Tim Scott, a weird possibly-50 year old virgin who pronounces the word “do” with three distinct vowel sounds. He’s probably not going anywhere either. 

And then there’s Vivek, who, while deeply unpopular, has not betrayed Donald Trump, and even went out of his way to avoid criticizing him twice on Wednesday night. There’s more than one way to end up in the White House, even if your campaign is a joke and falls apart a year before  the election. Just ask Kamala Harris. 

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The Benzinga Cannabis Capital Conference, renowned as the world’s largest and most successful cannabis investing and finance event, is returning to the iconic Fountainbleu Hotel in Miami on April 11-12, 2023.

With over 3,000 industry operators, investors, policymakers, and advocates expected to attend, registrations have surged by 30% compared to last year, reflecting the industry’s rapid expansion. It is expected that 90% of the total cannabis market cap will be at this event, making it the perfect place to network with the top operators in the space.

Twitter and Uber Dive into the Budding Cannabis Industry 

In a major development, Twitter and Uber are set to participate in the Benzinga Cannabis Capital Conference, highlighting the increasing crossover between mainstream business and the cannabis sector.

Alexa Alianello of Twitter US Sales & Partnerships, Rohan Routroy of Twitter NEXT, as well as Jesse Young, Global Lead of New Ventures at Uber Technologies, are among the top executives scheduled to speak.

This marks the first time Twitter executives will meet with cannabis industry leaders to discuss the social media giant’s role in cannabis advertising, making it the first platform in the social media landscape to open its doors to the burgeoning industry.

Politicians Join the Conversation 

The conference will also witness the participation of prominent politicians, including Rep. Dave Joyce, U.S. Representative for Ohio’s 14th Congressional District, and Rep. Troy Carter, U.S. Representative for Louisiana’s 2nd Congressional District.

Their attendance underlines the importance of political support for the continued growth and mainstream acceptance of the cannabis industry.

A Hub for Networking and Learning Opportunities 

The Benzinga Cannabis Capital Conference offers an unrivaled platform for networking, deal-making, and knowledge-sharing among the world’s leading cannabis investors and top-performing companies. Among the star-studded lineup of speakers are Gina Collins (CMO, Trulieve), Emily Paxhia (Managing Partner, Poseidon), Tim Seymour (CNBC News Anchor, and Founder and CIO of Seymour Asset Management), Matt Darin (CEO, Curaleaf), and many more.

The event provides attendees with an exceptional opportunity to learn about thriving in the cannabis business amid challenging market conditions, discovering the next generation of industry-leading businesses, and understanding what investors are seeking in today’s market. Attendees will also have the chance to connect with CEOs and decision-makers from top industry companies, gain insider access to celebrities, and drive public opinion and narratives via the largest financial media voice in the sector.

The 2023 Benzinga Cannabis Capital Conference is set to be an indispensable event for cannabis entrepreneurs and investors looking to forge new partnerships, generate meaningful ventures, and engage in vital conversations about the current state of the industry.

Check out the full lineup here and get your tickets here. Prices are surging fast! 

Ten reasons to join the Benzinga Cannabis Capital Conference: 

1. Learn how to thrive in your cannabis business amid a bear market. 

2. Discover the next generation of industry-leading businesses. 

3. Identify exclusive opportunities for retail investors. 

4. Gain invaluable tactics from the most profitable businesses. 

5. Learn what investors are looking for in a challenging market. 

6. Network with CEOs and decision-makers from top companies in the industry. 7. Gain insider access to celebrities sharing their stories and brand-building secrets. 8. Ask industry leaders and celebrities your burning questions and receive real-time answers. 

9. Drive public opinion and your own narrative via the largest financial media voice in the industry. 

10. Connect with your next investor or co-founder and make lasting friendships.

BONUS: Don’t miss the tantalizing Benzinga Cannabis Capital Conference afterparty, an irresistible evening set for April 12 at the illustrious LIV nightclub, nestled within the iconic Fontainebleau Hotel. Prepare to be mesmerized by scintillating performances from seductive artists like Lexy Panterra and a plethora of enticing surprises that await you.

The Benzinga Cannabis Capital Conference is designed to help cannabis entrepreneurs and investors make the most of their time, offering an unparalleled opportunity for networking, deal-making, and learning from the world’s leading cannabis investors and top-performing companies.

Don’t miss out on this year’s exceptional speaker lineup, including: 

● Alexa Alianiello, Twitter US Sales & Partnerships 

● Rohan Routroy, Twitter NEXT

● Rep. Dave Joyce, U.S. Representative for Ohio’s 14th Congressional District

● Rep. Troy Carter, U.S. Representative for Louisiana’s 2nd Congressional District

● Jessie Young, Global Lead, New Verticals, Uber Technologies 

● Gina Collins, CMO, Trulieve 

● Emily Paxhia, Managing Partner, Poseidon 

● Tim Seymour, CNBC News Anchor and Founder and Chief Investment Officer of Seymour Asset Management (SAM) 

● Matt Darin, CEO, Curaleaf 

● Weldon Angelos, Founder and President, The Weldon Project 

● Darren Weiss, COO, Verano Holdings 

● David Goubert, President and CEO, Ayr Wellness 

● Matt Hawkins, Co-Founder and Managing Partner, Entourage Effect Capital

● Kristi Palmer, Co-Founder, Kiva Confections 

● Kelly Flores, COO, Wana Brands 

● Jason Wild, CIO and President at JW Asset Management 

● Wendy Berger, Board Member, Green Thumb Industries 

● Paul Weaver, Director and Head of Cannabis at Boston Beer 

● Gia Morón, President of Women Grow

“Cannabis businesses have closed deals in aggregate north of $1.5-$2 billion at our prior events. And get ready: the 2023 conference will be even larger, with a record level of investment capital and top-notch operators,” says Chief Zinger Jason Raznick.

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In the month of December, brands usually choose to activate during the highly popular Art Basel week in Miami. But the hottest cannabis buzzing in the street right now, Gumbo Brands, and chart-topping hip-hop artist Moneybagg Yo, waited for the dust to settle to celebrate the announcement of their partnership for Bagg’s new Gumbo strain “Shot Off Gumbo.” In a more intimate affair, they shut down the Black-owned restaurant, Playa Miami, for about 50 guests including a few celebrity friends of the brand, Caresha of The City Girls, Amber Rose, N.O.R.E. Moneybagg Yo, label mates, tastemakers, media, and the Founders of the Gumbo Brands Karim Butler and Alexis Major themselves. 

The amount of dripped-out ice in the room for such a small amount of guests was astonishingly mind-boggling. Wall-to-wall bling-off! If you’ve never been to a Gumbo event, let me warn you, they like to do everything big for the culture. The drinks were flowing with a full open bar… definitely shots of 1942 were being passed frivolously around the tables. The food was incredibly amazing. I suggest anyone in the Miami Beach area or planning to visit to make a reservation immediately… highly recommend the mouth-watering lamb chops, calamari bites and the yummy mac & cheese. Thank me later! The vibe and the networking was on one thousand, especially with DJ Wrecky who totally kept the hype going while mixing in a healthy amount of Bagg’s hottest hits all night. By the end of the event no one wanted to leave, they literally had to turn the lights on. Every guest was gifted the signature Gumbo pens and plenty of gas to go around. 

Not only did Gumbo show Moneybagg Yo major love at the announcement dinner, but they also gifted him a 150 carat chain with VS diamonds and a 90 carat VS diamond watch, which is one of 18 in the world, from Pristine jewelers. The Black-owned cannabis and lifestyle brand has been buzzing like crazy in the streets, especially gaining more attention with their collaborations with today’s hottest in entertainment including Meek Mill, Lil Meech, N.O.R.E., Fabolous, and brand sponsor for viral podcast, Drink Champs. 

The “Shot Off Gumbo” strain will be a Hybrid with an earthy sweet pine undertone and euphoric and stoney experience under the Gumbo Brands Umbrella.

Gumbo Brands is a revolutionary new cannabis and lifestyle company, founded by the Black-owned entrepreneurial power-couple, Karim Butler and Alexis Major. Unlike some of the corporate brands that swoop in and try to take advantage of cultural equity in this industry, Gumbo Brands’ major focus is making a difference, building wealth, and sharing knowledge within the Black and Brown communities. Black ownership accounts for only 4.3% of all cannabis businesses. This couple is breaking down that barrier by bringing more people within the community into the cannabis business and giving them the resources and career opportunities to succeed. Gumbo Brands is utilizing creative cultural initiatives in this space to encourage entrepreneurship while also supporting racial justice outcomes and inclusion, including working with the formerly incarcerated to gain licenses, who oftentimes don’t have the financial means or proper information to secure one. 

Gumbo is currently a leading brand in the cannabis space and sold at top dispensaries across the nation, and on its way to global expansion with their products, which includes flower, G-pens, exclusive merch, and lifestyle products. They recently announced a partnership with the global empire Cookies that will give the brand access to 22 states and 15 countries as the cannabis takeover grows within legalized areas of the world. If you’re looking to get your hands on some of this new cannabis strain, be sure to check out www.thegumboshop.com.

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Los Angeles investors can open up shop after City officials end their years-long silent ban on medical marijuana providers

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More than five years after Florida voters legalized the medicinal use of cannabis in 2016, city leaders in Miami finally relented and have voted to allow a business to pursue opening a medical dispensary within the city limits. With a 3-2 vote on Thursday, the Miami City Commission ended its de facto ban on medical cannabis retailers and cleared the way for businesses to begin applying for permits to operate.

“The people of Florida decided to allow medical marijuana dispensaries in Florida,” City Commissioner Alex Díaz de la Portilla said at Thursday’s meeting, according to a report from the Miami Herald. “The city of Miami has to keep up with the times. Properly regulated, it’s the time to do it. We have to move forward and not look backwards.”

Medical Cannabis Legalized in Florida in 2016

Florida voters legalized the medicinal use of cannabis with the approval of a constitutional amendment ballot measure in 2016. The amendment passed by voters gave local governments the authority to ban or regulate medical pot dispensaries, but the Miami city government failed to pass measures to take either step.

The passage of the amendment prompted entrepreneur Romie Chaudhari, a Los Angeles-based real estate investor, to apply for a permit for his business MRC44 to open a medical pot dispensary at a site in downtown Miami. Chaudhari was denied a permit for the dispensary, with the Miami city attorney arguing that the ballot initiative is in violation of the federal prohibition of cannabis under the Controlled Substances Act.

Chaudhari and MRC44 then sued the city of Miami in federal court for a permit to open a medical dispensary. The judge sent the case to state court but ruled that the city had “failed to act” by not banning or regulating dispensaries.

Miami’s Planning and Zoning Appeals Board ruled in favor of Chaudhari’s plan to open a dispensary, but the city zoning director appealed that decision in April 2021. On Thursday the city commissioners voted to deny the appeal, clearing the way for Chaudhari and MRC44 to continue its quest to gain the proper permits and license to operate.

Commissioner Ken Russell, who is a registered medical cannabis patient and has publicly voiced his support for cannabis policy reform, voted to deny the appeal and allow Chaudhari to seek approval for the dispensary.

“I believe the state constitution is clear that we had the right to ban this use in our city and we have not done that,” Russell said, as quoted by the Miami New Times. “[Chaudhari has] applied in earnest under the lack of that ban, and I believe therefore we should grant their certificate of use.”

He said that it is time for the federal government to catch up with state and local governments that have legalized cannabis for medical use.

“Florida voters decided that it should be accessible in our state,” Russell added. “Because of the conflict between state and federal law, however, our City Commission had to settle the dispute as to whether our residents would get that access. We voted that they will.”

Regulations Still To Come

Russell was joined in Thursday’s vote by City Commissioners Alex Díaz de la Portilla and Christine King, who said that the city government was on the wrong side of the issue. Díaz de la Portilla said that the will of the voters should be respected and that the city should regulate medical cannabis dispensaries to avoid a proliferation of the businesses.

“The people of Florida decided to allow medical marijuana dispensaries in Florida,” he said. “The city of Miami has to keep up with the times. Properly regulated, it’s the time to do it. We have to move forward and not look backwards.”

Commissioners Joe Carollo and Manolo Reyes voted against the measure, arguing that the city should first implement a plan to regulate medical pot dispensaries to prevent a mass influx of the operations.

“I’m of the opinion that before we move forward in voting on this we need to establish our ordinance that what are the procedures and guidelines for someone to open up such an establishment,” Carollo said at Thursday’s meeting of the city commission. “Otherwise, we’re kind of making this into a sort of Cheech and Chong free-for-all.”

Reyes echoed his colleague’s sentiments, saying “You know how it is. They are going to be all over.”

“Wherever you go and they are permitted, you see people smoking pot in the streets,” he said.

Diaz de la Portilla agreed that the commission should act to regulate dispensaries.

“With the understanding that we are going to address the issues because Commissioners Reyes and Carollo are correct that we have to have a policy so we don’t have a proliferation of these dispensaries throughout our city,” Diaz de la Portilla said as he seconded Russell’s motion to vote in favor of Chaudhari.

An attorney representing MRC44 declined to comment after Thursday’s vote.

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On November 8 and 9, Miami, Florida will host Wonderland: Miami, the largest-ever business gathering in the psychedelic medicine sector, presented by Microdose, a guide to the business of psychedelics. Wonderland: Miami will be held at the Adrienne Arsht Center for the Performing Arts in Downtown Miami, Florida.

Wonderland: Miami features 30 programming tracks, panels, fireside chats, networking, a Dragon’s Den style pitch competition and insights from speakers such as Rick Doblin, Ph.D, Founder and Executive Director of Multidisciplinary Association for Psychedelic Studies (MAPS), who will share insights, information and experiences.

Also speaking will be Robin Carhart-Harris, a psychologist and neuroscientist and Head of the Centre for Psychedelic Research, Division of Brain Sciences, Faculty of Medicine at Imperial College London. Carhart-Harris coordinated the first clinical study of psilocybin in the UK and the first clinical study of a classic psychedelic drug in the UK for over 40 years. He’ll be joined by Dr. Joseph Tucker, CEO of what is now Enveric, an innovative biotechnology company developing a next-generation mental health and oncology treatment clinical discovery platform, leveraging psychedelic-derived molecules for the mind and synthetic cannabinoids for the body.

Sports icons, including Mike Tyson, Lamar Odom and Anna Symonds will be in attendance to share their stories. In addition, Kelsey Ramsden, CEO of MINDCURE, and Lynn Marie Morski, President of the Psychedelic Medicine Association will also discuss topics including the treatment of mental health, addiction and pain challenges in the psychedelic medicine landscape.

‘’I believe if I’d been introduced to the benefit of psychedelics for therapeutic use early in my professional career, I may not have encountered as much anxiety or depression,” said Mike Tyson, who now serves as an advisor for Wesana Health. “I’m excited to be speaking among the most talented researchers, scientists and minds such as Dr. Robin Carhart-Harris, Prof. David Nutt, Dr. Ben Sessa, Dr. Matthew W. Johnson, Ph.D, Rick Doblin, Ph.D. at Wonderland: Miami. Events like Wonderland: Miami are immensely important in helping improve mental health by showing people how life-altering experiences with psychedelic medicines can be.’’  

Wonderland: Miami is supported by companies including Numinus, Mindset Pharma, Wesana Health, The Conscious Fund, Nushama, Braxia Scientific, Awakn Life Sciences, Levitee Labs, Negev Capital, Ambria Capital, MINDCURE, KGK Science, Psychedelic Water, Zuber Lawler, IMIO Life Ltd, Cybin, MNP LLP, Iter Investments, Ibogacine, Tryp Therapeutics, Psychedelic Invest, Entheo Digital and Maya Health. 

Perhaps due to the growth potential of the psychedelic medicine market, there is a growing list of psychedelic medicine companies listed on the NASDAQ. The companies are also receiving heightened investor focus from high profile investors such as Peter Thiel, and Wonderland has attracted a top cohort of financiers including one of the leading franchises in the psychedelics sector—H.C. Wainwright & Co., LLC., as a headliner and Official Banking Sponsor. 

“We are delighted to be supporting Microdose in this industry-leading event and to be a part of their mission to increase visibility for this growing and important sector,” said David Dinkin, Investment Banking, H.C. Wainwright & Co., LLC.

The show will attract scientists from Johns Hopkins, UCSF, Imperial College London, as well as  leading financiers, innovators and CEOs, discussing the fastest growing sector in medicine. With almost a thousand new psychedelic clinics in the U.S., and an explosion of investor interest across Florida, the Wonderland conference could not be more timely.

Wonderland: Miami is takes place November 8-9, 2021 in Miami, Florida at the Adrienne Arsht Center for the Performing Arts of Miami-Dade County, Inc. 1300 Biscayne Blvd. Miami, FL 33132. For more information, please visit microdose.buzz/wonderland. 

Psychedelic reform is happening everywhere—at the local and state levels.

Psychedelics are in the spotlight thanks to people like Gwyneth Paltrow, Matthew McConaughey and series such as 9 Perfect Strangers on Netflix. A number of public figures opened up recently about the potential of psychedelic medicine, including Elon Musk, Will Smith and Andrew Yang, who advocated for veteran psychedelic use in New York City.

Studies roll out every day, touting the potential of psychedelic-assisted therapies including psilocybin, ketamine, MDMA and more. A number of investigations are looking at how psychedelics can help to “reset” negative patterns in the brain—such as addiction or depression.

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