In a remarkable turn of events, a significant acquisition is on the horizon as Tropics LP, a secured lender and stalking horse bidder, is poised to acquire the prominent cannabis company, Skymint. This acquisition comes in the wake of a pivotal decision by Judge Joyce Draganchuk of the Circuit Court for Ingham County, Michigan, who gave the green light to this transformative sale.
Rejuvenation for Skymint and a Triumph for SNDL
The purchase agreement, inked between Skymint and Tropics subsidiary Skymint Acquisition Co., encompasses the retail leases of 21 dispensaries, which had garnered an impressive $68 million in revenue by September 2023, according to SNDL’s recent press release.
Zach George, the CEO of SNDL, expressed his optimism about this landmark event, stating, “This key milestone in Skymint’s ongoing restructuring represents another successful navigation of a complex process. The sale order brings greater certainty, enables management at Skymint Acquisition Co. to focus on serving Michigan consumers and creates tangible U.S. optionality.”
