Cannabis company expands, completes $70M financing

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In addition to its new Grand Rapids locations, SKYMINT has medical and recreation dispensaries in Ann Arbor, Bay City, Coldwater, East Lansing, Lansing, Flint, Hazel Park, Newaygo, Nunica, Portage, White Cloud and the one pictured here in Big Rapids. Courtesy Patrick Thompson Design

A Michigan cannabis company is expanding its presence in West Michigan.

SKYMINT announced the acquisition of 3Fifteen Cannabis, along with the closing of its concurrent $70 million senior secured term loan from Tropics LP and its $8 million equity investment from Merida Capital Holdings.

3Fifteen Cannabis is a portfolio company of Merida Capital with 12 dispensaries currently operating throughout Michigan, including two in Grand Rapids at 2900 S. Division Ave. and 3423 Plainfield Ave. NE.

With the acquisition, SKYMINT is now the largest cannabis company in Michigan, with 27 locations throughout the state that are offering delivery and in-store services. The company has 730 employees and expects to open at least three storefronts this year and 15 locations in 2022.

“SKYMINT was founded on a mission to become a leader in the cannabis industry while leveraging our leadership position as a positive catalyst for change,” said SKYMINT CEO and co-founder Jeff Radway. “With this acquisition of 3Fifteen Cannabis, we have a monumental opportunity and responsibility to truly shape the market for the better, bring more jobs to our state, provide Michiganders increased access to clean, handcrafted, premium products and experiences at the best value, and continue our commitment to uplift the communities we are fortunate to serve.

“Most importantly, as one of the top private cannabis operators in the country, we have a chance to play a leading role in the great American growth story that is cannabis.”

In addition to its new Grand Rapids locations, SKYMINT has medical and recreation dispensaries in Ann Arbor, Bay City, Big Rapids, Coldwater, East Lansing, Lansing, Flint, Hazel Park, Newaygo, Nunica, Portage and White Cloud.

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