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Creditor bids $109M for assets of Michigan cannabis company Skymint

Embattled Michigan marijuana cultivator and retailer Skymint, which is in receivership, will auction off its assets.

According to Crain’s Detroit Business, Alberta-based Tropics LP has offered to acquire the assets of the Ann Harbor, Michigan-based company for $109.4 million, effectively setting the minimum purchase price.


Tropics LP is Skymint’s largest creditor.

Tropics LP is an affiliate of SunStream Opportunities LP, which itself is an affiliate of SunStream Bancorp Inc. The latter is a joint venture sponsored by Canadian cannabis company SNDL Inc., according to an SNDL regulatory filing.

Assets include leases on 23 dispensaries and two cultivation sites, Crain’s reported.

In March, Canadian investment firm Tropics filed a lawsuit claiming Skymint owed them more than $127 million, prompting the Ingham County Circuit Court to place the marijuana company under the control of receiver Gene Kohut of Trust Street Advisors in Detroit.

Any new bidder would have to

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