Michigan's Skymint is not the only cannabis operator under the control of a receiver, according to Crain’s Detroit Business. At least another four marijuana companies are in receivership.
Skymint, which underwent rapid expansion, now employs 600 people in 24 retail dispensaries as well as three indoor grow operations.
However, a lawsuit filed at the Ingham County Circuit Court in Lansing alleges Skymint owes more than $127 million to Canadian investment firm Tropics LP, a subsidiary of Calgary-based Sundial Growers Inc.’s (NASDAQ: SNDL) investment firm SunStream Bancorp Inc, which announced in Nov, 2022 that it had closed a $6.25M senior secured term loan to SKYMINT Brands.
“It’s just bad out there right now,” Doug Mains, principal and co-leader of the cannabis practice for Detroit's Honigman LLP told journalist Dustin Walsh. “Everyone is struggling to pay bills and negotiating lending extensions.
“We’re getting lots of clients calls about licensees not getting paid for the …