![]() "Skymint has over 600 employees, owns, leases, and/or operates 24 open retail locations, including three in the Greater Lansing region and three indoor cultivation facilities also in the Greater Lansing region," said the lawsuit filed by Tropics. The 200,000-square-foot building is less than a mile from Harvest Park, the company's marijuana industrial park just east of the Summit complex.Īccording to the lawsuit, Green Peak Industries and its subsidiaries owe more than $1 million in rent for property they are leasing in Dimondale and the landlord "has filed a complaint to evict" them. It redeveloped the former Summit Sports and Ice Complex off Davis Highway into a warehouse and distribution center, indoor grow space and processing center. The company grows, processes and sells marijuana products throughout Michigan, but operates from Dimondale. Green Peak Industries obtained its Michigan license in 2018. Company grows, sells marijuana throughout state Messages also were left Tuesday morning with Brandon Wilson and Scott Sikkenga, attorneys for Tropics. "The court-approved agreement will allow us to focus on our debt obligations to address the financial challenges facing many in Michigan’s cannabis industry, including excess supply, decreasing prices, limited access to capital and the increasing cost of capital." Skymint "consented to enter a receivership with our primary lender to improve our balance sheet and financial position, while maintaining day-to-day business operations and preserving long-term growth potential," the company said in an emailed statement. The lawsuit alleges Green Peak Industries and its subsidiaries "lack sufficient cash to operate their business."Ĭourt records show an order to appoint a receiver was filed last week.Ī message and email left Tuesday morning with Skymint Brands CEO Jeff Radway weren't immediately returned, however, the company provided a statement. They have been "chronically in default of their loan obligations" since "at least March 2022," the lawsuit said. The March 3 lawsuit, which also names Green Peak Industries subsidiaries District Bay LLC, The District Park LLC and GPIMD Corp., was filed by Canadian-based Tropics LP in Ingham County Circuit Court.Īccording to the lawsuit, the four companies "have borrowed more than $81 million" from Tropics since September 2021. DIMONDALE - Dimondale-based cannabis company Green Peak Industries, which operates under the brand name Skymint, has been placed under the control of a receiver after a lender sued the company claiming it owes them more than $127 million.
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