AceShowbiz - P. Diddy has reportedly failed to reach agreement in a multi-million dollar cannabis deal. According to TMZ, the 53-year-old rap star - whose real name is Sean Combs - was interested in purchasing Cresco Labs and Columbia Care amid a proposed merger, but the deal is now thought to have fallen through.

To the outlet, sources explained that "shareholders never reached an agreement" over the proposed deal, and Diddy's deal was terminated earlier this week as a consequence.

Management for the "I'll Be Missing You" hitmaker still has a "vested interest" in pursuing business opportunities surrounding the Class B drug in his efforts to "diversify" the industry. They said, "Combs Global Empire still have a vested interest in pursuing opportunities to diversify the cannabis industry ... they just have to find the perfect fit."

According to the outlet, the deal would have seen Diddy acquire stores throughout New York, Massachusetts and Illinois, with each having its own production facility, effectively making him one of the biggest cannabis business owners on the planet.

The Grammy Award-winning star previously explained it was his "mission" to create opportunities for other black entrepreneurs in industries where they had traditionally been "denied access" and wanted to make a more "equitable future" in the cannabis market.

He said, "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."

"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.."