CEO of embattled Michigan marijuana company Skymint steps down

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Jeff Radway, the chair and CEO of Michigan marijuana retailer and cultivator Skymint, stepped down only weeks after the financially strapped company was placed under receivership.

Skymint confirmed the news in an email to Crain’s Detroit Business.

Employees were notified by executive vice president and general counsel Jeff Donahue on April 7.

Skymint was placed under receivership in March after it was sued by a Canadian investment company claiming it owed more than $100 million.

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.

Crain’s obtained an email Radway sent to employees to bid farewell.

“I take with me some incredible relationships and a profound respect for what a talented and dedicated team can do when working together,” Radway wrote.

“Believe me, I know it was never easy … but it was worth the ride.”