Michigan’s leading vertically integrated cannabis company, SKYMINT, announced Tuesday it has acquired 3Fifteen Cannabis with the closing of its concurrent $70 million senior secured term loan from Tropics LP, an affiliate of SunStream Bancorp Inc. a joint venture initiative sponsored by Sundial Growers Inc., and its $8 million equity investment from Merida Capital Holdings. These transactions further strengthen SKYMINT’s dominant position in Michigan, the nation’s third-largest cannabis market, and provide the company with a strong balance sheet to execute on accretive opportunities inside as well as outside of Michigan, the home state of Benzinga. This acquisition gives SKYMINT the capability to serve nearly 90% of adult Michigan residents in a market valued at $3.2 billionvia its newly expanded retail presence of 27 locations. In other words, the largest cannabis retail footprint across Michigan.

Mmp News Author, Medical Marijuana Program Connection, 09/21/2021 16:16:00

Open article: https://mmpconnect.com/michigans-skymint-expands-footprint-with-78m-financing-acquisition-of-3fifteen-cannabis/