A mid-Michigan medical cannabis manufacturer plans to open 19 retail centers in Michigan and has raised more than $30 million in an oversubscribed debt round.
Green Peak Innovations LLC would open the first store, branded as Skymint, in the next several months and the rest within two years, according to a news release.
It also plans to expand and possibly double its 60,000-square-foot headquarters facility in Windsor Township, southwest of Lansing.
“This is an important step for Green Peak Innovations as Michigan’s largest holder of vertical medical marijuana licenses,” CEO Jeff Radway said in the release. “Significant demand resulted in exceeding our planned funding goal in record time. Clearly our investors are excited about our business strategy …”
Radway said Green Peak aims to grow in Michigan and then use its model in other states.
Canaccord Genuity and Beacon Securities were co-lead agents in the mezzanine funding round.
Green Peak was one of the first companies to get pre-approved for integrated medical cannabis manufacturing and distribution in the state.
Companies and the Michigan government are navigating a complex industry. As of January, Michigan had let 70 medical pot businesses reopen as it works to get a new regulatory system off the ground.
Gov. Gretchen Whitmer is also reshaping the state’s medical marijuana licensing, abolishing the current board and folding its functions into a new agency as she targets “inefficiencies.”
At the same time, the state is working on a regulatory scheme that would clear the way for retail sales of recreational marijuana, which residents voted to legalize last November.