Tropics LP has acquired most of the assets of Michigan cannabis company Skymint, which entered receivership this year after defaulting on a loan from Tropics.
Tropics, which recently put in a $109.4 million stalking horse bid for Skymint, is owned by an affiliate of SunStream Bancorp, which is a joint venture involving Canadian cannabis company SNDL.
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The sale order will see Tropics take on “the purchase or assumption of 21 retail leases with dispensaries that produced annualized sales of approximately $68 million in September 2023,” as well as certain “cultivation and equipment leases required for continuing operations,” SNDL said in a news release.
Tropics is not buying “uneconomic cultivation, equipment, and retail leases representing more than $12 million of annual fixed obligations,” SNDL said.
The assets acquired from Skymint will be part of SunStream USA, described as a “U.S. platform with one or more independent
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