Michigan Cannabis Company Skymint sued

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.

Ingham Circuit Court in Lansing placed the company under control of receiver Gene Kohut of Trust Street Advisors in Detroit.

According to Crain’s, Skymint said in a statement Wednesday that the receivership would give the company an opportunity to reorganize its debt and meet its financial obligations.

Read the rest and related news here at MJBizDaily

Oakland County Court

Case Number

2023-199132-CB

Entitlement GREEN SKIES HEALING TREE vs. GREEN PEAK INDUSTRIES INC

Judge Name MICHAEL WARREN

Case E-Filed YES Case Filed

03/06/2023 Case Disposed

00/00/0000

Date	Code	Desc
03/09/2023	REQ	REQUEST FILED ADD RECVR
03/09/2023	APP	APPEARANCE FILED /NTC/RCVR
03/09/2023	NTC	NOTICE FILED RCVRSHOP/STAY
03/09/2023	POS	AFFIDAVIT/PROOF OF SERVICE FILED
03/09/2023	MPS	MIFILE PROOF OF SERVICE FILED
03/09/2023	POS	AFFIDAVIT/PROOF OF SERVICE FILED
03/09/2023	APP	APPEARANCE FILED /GREEN PEAK/DIST BAY/DIST PARK/GPPIMD
03/09/2023	MPS	MIFILE PROOF OF SERVICE FILED
03/07/2023	MPS	MIFILE PROOF OF SERVICE FILED
03/07/2023	APP	APPEARANCE FILED /PLF
03/06/2023	SI	SUMMONS ISSUED
03/06/2023	SI	SUMMONS ISSUED
03/06/2023	C	COMPLAINT FILED /JD/NTC ASSIGN BUS CT
03/06/2023	SI	SUMMONS ISSUED
03/06/2023	SI	SUMMONS ISSUED
03/06/2023	SI	SUMMONS ISSUED
03/06/2023	SI	SUMMONS ISSUED
03/06/2023	SI	SUMMONS ISSUED

Showing 1 to 18 of 18 records

Ingham County, Michigan – Court Record

Case Title: TROPICS LP vs THE DISTRICT PARK LLC et al et al
Case Number: 23-000149-CBJudge:JOYCE DRAGANCHUK
PLAINTIFF: TROPICS LP
DEFENDANT: THE DISTRICT PARK LLC
DEFENDANT: GREEN PEAK INDUSTRIES INC
DEFENDANT: DISTRICT BAY LLC
DEFENDANT: GPIMD CORP
Case Status: OPEN
Disposition: UNDISPOSED
File Date: 03/03/2023

Case Events

8-03/09/2023NOTICE OF APPEARANCE AND REQUEST FOR SERVICE OF PAPERS W/ PS
7-03/07/2023ACCEPTANCE OF RECEIVERSHIP APPOINTMENT (RECEIVERSHIP ESTATE)
6-03/03/2023C30 ELECTRONIC SYSTEM FEE RECEIPT: 505386 DATE: 03/03/2023
5-03/03/2023NOTICE OF ASSIGNMENT TO THE BUSINESS COURT
4-03/03/2023NOTICE OF ASSIGNMENT TO THE BUSINESS COURT
3-03/03/2023STIPULATION AND ORDER APPOINTING RECEIVER
2-03/03/2023SUMMONS ISSUED
1-03/03/2023COMPLAINT FILED RECEIPT: 505386 DATE: 03/03/2023

Visit the The Michigan Medical Marijuana Association (MMMA)
Public forums for guests and members of the Michigan Medical Marijuana Association.
This is an open forum related to a variety of topics from legal issues to growing for medical use to strains and more.