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.
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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
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