Michigan cannabis operator Skymint is under the control of a receiver, according to Crain’s Detroit Business.

A lawsuit filed at the Ingham County Circuit Court in Lansing alleges the company 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 closed a $6.25M senior secured term loan to SKYMINT Brands.

Tropics LP loaned Green Peak Innovations Inc. (Skymint's parent company) $70 million in September 2021 toward the acquisition of 13 dispensaries across the state. However, Green Peak “did not meet its new loan obligation in June 2022 after failing to …

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