{"id":540590,"date":"2021-09-21T10:48:14","date_gmt":"2021-09-21T14:48:14","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/skymint-acquires-3fifteen-cannabis-and-completes-concurrent-78-million-financing-from-sunstream-bancorp-and-merida-capital-solidifying-its-position-as-michigans-top-cannabis-cultivator-manufactur\/"},"modified":"2021-09-21T10:48:14","modified_gmt":"2021-09-21T14:48:14","slug":"skymint-acquires-3fifteen-cannabis-and-completes-concurrent-78-million-financing-from-sunstream-bancorp-and-merida-capital-solidifying-its-position-as-michigans-top-cannabis-cultivator-manufactur","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/skymint-acquires-3fifteen-cannabis-and-completes-concurrent-78-million-financing-from-sunstream-bancorp-and-merida-capital-solidifying-its-position-as-michigans-top-cannabis-cultivator-manufactur\/","title":{"rendered":"SKYMINT Acquires 3Fifteen Cannabis and Completes Concurrent $78 Million Financing From SunStream Bancorp and Merida Capital, Solidifying its Position as Michigan’s top Cannabis Cultivator, Manufacturer, Retailer, and Employer"},"content":{"rendered":"
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Transactions Expand SKYMINT’s Retail Footprint to 30+ Locations Exiting 2021 and Provides $78 Million of Capital to Execute on Near-Term Accretive Opportunities<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n ANN ARBOR, Mich.<\/span>, Sept. 21, 2021<\/span> \/PRNewswire\/ — SKYMINT<\/a><\/u>, Michigan’s<\/span> leading vertically integrated cannabis company, today announced the acquisition of 3Fifteen Cannabis<\/a><\/u>, the closing of its concurrent $70 million<\/span> Senior Secured Term Loan from Tropics LP, an affiliate of SunStream Bancorp Inc. (“SunStream<\/b>“), a joint venture initiative sponsored by Sundial Growers Inc. (Nasdaq: SNDL), and its $8 million<\/span> equity investment from Merida Capital Holdings (“Merida Capital<\/b>“). These transactions further strengthen SKYMINT’s dominant position within the nation’s third largest cannabis market and provide the Company with a strong balance sheet to execute on accretive opportunities in and outside of Michigan<\/span>. <\/p>\n

With the acquisition of 3Fifteen Cannabis –\u00a0 a portfolio company of Merida Capital with 12 dispensaries currently in operation throughout Michigan<\/span> – SKYMINT now has the capability to serve nearly 90% <\/b>of adult Michigan<\/span> residents in a market valued at $3.2B<\/span><\/a><\/u> that has embraced the freedom to consume cannabis recreationally since 2019. SKYMINT’s newly expanded retail presence of 27 locations gives the Company the largest cannabis retail footprint across Michigan<\/span>. No less than three additional SKYMINT storefronts are slated to launch in 2021, and 15 more locations are poised to open in 2022, further fortifying SKYMINT’s position as Michigan’s<\/span> top vertically integrated cannabis operator.\u00a0 <\/p>\n

“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<\/span><\/b>. “With this acquisition of 3Fifteen Cannabis, we have a monumental opportunity and responsibility\u00a0to 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.\u00a0 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,” added Radway<\/b>.<\/p>\n

The announcement comes on the heels of Michigan’s<\/span> record-breaking July 2021<\/span> sales. According to an August 2021<\/span> report from industry analyst Headset<\/a><\/u>, Michigan<\/span> celebrated a 56% year-over-year increase in July 2021<\/span> sales totaling $171M<\/span>, with adult recreational products comprising the largest share of $128M<\/span>; and in May 2021<\/span>, Michigan’s<\/span> cannabis sales were less than $8.5M<\/span> short of surpassing Colorado’s<\/span>, which presently holds the No. 2 state ranking for national cannabis sales. <\/p>\n

“Merida has already invested deeply in Michigan<\/span> through 3Fifteen, due to the attractive population dynamics. SKYMINT’S leading vertical position augments 3Fifteen’s leading retail presence,” explained Mitch Baruchowitz<\/b>, CEO of Merida Capital Holdings and will be joining SKYMINT’s board of directors upon closing of the transaction. “SKYMINT is an award-winning company known for its retail presence, its vast manufacturing and cultivation capabilities, and a community-minded attitude. We look forward to bringing SKYMINT into new growth markets where Merida has operations.”<\/p>\n

“We couldn’t be more excited to have a partner like SKYMINT to execute our shared vision for aggressive expansion,” said Tommy Nafso<\/span><\/b>, President and General Counsel of 3Fifteen. “SKYMINT’s operational efficiencies and meticulous focus on quality, combined with best-in-state cultivation operations and innovative approach to retail, creates the perfect operating environment for continued success.”<\/p>\n

With this acquisition and financial input, SKYMINT’s operational footprint now includes:<\/p>\n