Michigan cannabis company Skymint in receivership after being sued

MJ Biz..

Michigan-based cannabis cultivator and retailer Skymint is in receivership after a Canadian investment firm filed a lawsuit claiming the company owes more than $127 million.

According to Crain’s Detroit Business, Calgary, Alberta-based Tropics LP alleges that Green Peak Innovations, which operates as Skymint, generated $153 million less than what it forecast in 2022.

The lawsuit, filed March 3, claims the company was spending $3 million per month.

The suit also alleges that subsidiaries have borrowed more than $81 million from Tropics since 2021 and have been “chronically in default of their loan obligations,” the Lansing State Journal reported.

In a concurrent lawsuit, New York investment firm Merida Capital Holdings filed a complaint in Oakland County Circuit Court alleging that Green Peak misrepresented its financial standing and was mismanaged, according to Crain’s.

Both Tropics and Merida were involved in a $78 million funding that allowed Skymint to acquire Michigan retailer 3Fifteen Cannabis in September 2021.

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