Michigan’s Skymint secures $78 million in financing, acquires cannabis retailer

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Vertically integrated Michigan marijuana operator Skymint landed $78 million in funding while also acquiring 3Fifteen Cannabis, a retailer in the state, for an undisclosed sum.

Privately held Skymint did not disclose the terms of the loan or the equity investment.

According to a Tuesday news release, a $70 million senior secured term loan from Tropics LP, a SunStream Bancorp affiliate, and an $8 million equity investment from Merida Capital Holdings will give Skymint “a strong balance sheet to execute on accretive opportunities in and outside of Michigan.”

3Fifteen, a recreational and medical marijuana retailer, was described as “a portfolio company of Merida Capital with 12 dispensaries currently in operation throughout Michigan.”

Merida CEO Mitch Baruchowitz will join Skymint’s board of directors when the deal closes.

The acquisition gives Skymint a total of 27 Michigan retail locations, according to the release, with at least 18 more under development.

Skymint also has two indoor cultivation facilities, with a third in the works, and an outdoor cannabis farm.

In its release, the Ann Arbor-based cannabis operator cited record-breaking adult-use cannabis sales in Michigan in July.

That banner month was also cited in the announcement of another recent Michigan acquisition, TerrAscend’s $545 million deal to acquire Gage Growth.