10.1 C
New York
Saturday, April 1, 2023

Michigan cannabis company Skymint is in receivership after being sued

- Advertisement -

Michigan cannabis grower and retailer Skymint in judicial custody After a lawsuit was filed by a Canadian investment firm alleging the company owed more than $127 million.

According to Crain’s Detroit Business, Calgary, Alberta-based Tropics LP claims Green Peak Innovations, which operates as Skymint, made $153 million less than it expected in 2022.


The lawsuit, filed on March 3, alleges that the company was spending $3 million a month.

The lawsuit also claims that its affiliates It borrowed more than $81 million of Tropics since 2021 and has been “chronically short of loan obligations,” the Lansing State Journal reported.

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

Tropics and Merida participated in a $78 million financing that allowed Skymint to acquire

Read the full article at Marijuana Business Daily

Grow guide for marijuana beginners.
- Advertisement -THC University

Related Articles


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

- Advertisement -

Latest Articles