Skymint

About Skymint

Skymint, legally known as Green Peak Innovations Inc., is a cannabis company based in Ann Arbor, Michigan. Founded in 2017 by co-founders Jeff Radway and Joe Neller, the company initially operated as a vertically integrated cannabis business, involved in cultivation, processing, and retail. Radway, a serial entrepreneur from the apparel industry, and Neller, a public policy expert, aimed to build a significant presence in Michigan's nascent legal cannabis market.

The company expanded rapidly, opening numerous dispensaries and large-scale cultivation facilities, including the purchase of a former sports complex in Dimondale for a new production plant. In 2021, Skymint acquired competitor 3Fifteen Cannabis in a deal that nearly doubled its retail footprint, funded by a $70 million loan from Tropics LP and an $8 million equity investment from Merida Capital Holdings. At its peak, the company operated over 30 retail locations and more than 180,000 square feet of cultivation space.

However, the rapid expansion, coupled with a sharp decline in Michigan's wholesale cannabis prices and alleged mismanagement, led to severe financial distress. By March 2023, the company was placed into court-ordered receivership after its largest creditor, Tropics LP, filed a lawsuit over $127 million in owed debt. Court filings revealed Skymint was burning through $3 million in cash per month and its 2022 revenue of $110 million was significantly below its forecast. In October 2023, Skymint's assets were acquired out of receivership for $109.4 million by Skymint Acquisition Co., an entity formed by Tropics LP, which is a subsidiary of Sunstream Bancorp, a joint venture sponsored by SNDL Inc. Following the acquisition, Jeff Radway departed the company.

Under new ownership, Skymint has shifted its business model to focus exclusively on retail operations. The company shuttered all its cultivation operations, including the large Harvest Park facility, to improve cost-effectiveness. As of early 2024, the company continues to operate its retail stores across Michigan under the Skymint brand name, aiming to restructure and regain profitability by focusing on a curated selection of products and a better understanding of its customers.