Marijuana company Green Peak Innovations raises $10 million for expansion


Ryan Allway

September 29th, 2019

News


  • Michigan’s biggest marijuana company is based near Lansing
  • Fourth retail store to open this month, 13 more in the next six months
  • Green Peak also agreed in May to buy a marijuana license holder company in Florida
Green Peak Innovations
The 3,200-square-foot retail outlet at 4330 Wilder Road in Bay City, branded by Green Peak Innovations as Skymint, opened to medical marijuana card holders in July.

 

Green Peak Innovations, Michigan’s biggest marijuana company, has wrapped up a $10 million round of mezzanine financing to fund expansion.

The company based in Windsor Township southwest of Lansing expects its fourth store to open this month in Nunica on the west side of the state. Thirteen more are slated to open in the next six months, according to a news release.

“We are well on our way to becoming Michigan’s premier cannabis company as the recreational market opens up next year,” CEO Jeff Radway said in the release.

Green Peak is also making expansion moves outside Michigan: It announced in May that it had agreed to buy a marijuana license holder in Florida, marking its first foray out of the state. Radway said in July that a 100-store roll-out was planned, involving locations in both Ohio and Florida. It also plans to expand its 60,000-square-foot production facility in Windsor Township.

Mezzanine financing is a gap-filler between equity and senior debt in a company’s capital structure that gives the lender the right to convert to an equity interest in the company in case of default.

“This capital raise, in conjunction with our existing partnership with (cannabis-focused real estate company) Innovative Industrial Properties and expected positive cash flow, will facilitate further expansion plans and strengthen our organizational capacity to fuel our rapid growth objectives,” CFO Al Gever said in the release.

Previously, Green Peak raised $30 million in an oversubscribed debt round, exceeding its planned funding goal.

Green Peak has two indoor grow facilities and a host of branded cannabis products: Skymint, North Cannabis, Jolly, Evoxe Laboratories, Agata and St. Jade. It sells through Skymint-branded retail locations and wholesale.

Green Peak also teamed with Short’s Brewery Co. in northern Michigan to produce a line of beer-inspired edibles and vaporizers.

About Green Peak Innovations

Green Peak Innovations (GPI) is a vertically integrated cannabis company and the largest license holder in the state of Michigan. With two state-of-the-art and fully-operational indoor grow facilities, the company cultivates, processes, markets and distributes a full range of branded cannabis products including Skymint™, North Cannabis™, Jolly™, Evoxe Laboratories®, Agata™ and St. Jade™ through both Skymint-branded retail stores as well as wholesale distribution channels. GPI inspires individuals to UNLOCK their mental, physical and spiritual potential through cannabis.

For more information, visit www.greenpeakinnovations.com

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

Ryan Allway

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.


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