HomeMarket NewsMicro Cap StocksSkymint, Under New Ownership, Looks to Navigate a Complex Restructuring Process

Skymint, Under New Ownership, Looks to Navigate a Complex Restructuring Process

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In a significant development, SunStream Bancorp Inc. announced on Friday that certain assets of Greenpeak Industries Inc., and its affiliated entities Skymint, have been acquired by Skymint Acquisition Co., a newly formed designee entity of Tropics L.P. This acquisition comes as part of a receivership process, following a court order.

Skymint Acquisition Co. will join the Sunstream USA group of companies, forming a U.S. platform that aims to independently serve and cater to Michigan consumers. The move has been welcomed by SNDL Inc.’s CEO Zach George, who emphasizes the potential for growth and the ability to create tangible U.S. opportunities.

Skymint’s journey to this point hasn’t been straightforward. In September 2021, Tropics loaned Greenpeak $70 million to acquire 12 dispensaries, leading to Skymint’s parent company facing financial difficulties. As a result, Skymint entered a court-appointed receivership and Trust Street Advisors, LLC was assigned as the court-appointed receiver.

The sale order, approving the transfer of Skymint’s assets to Skymint Acquisition Co., was finally approved on October 12, 2023. The closing of the deal is expected to take place in the first quarter of 2024.

What Does This Mean for Investors?

For investors interested in the cannabis industry, this acquisition presents an opportunity to closely monitor the development of Skymint under new ownership. With strategic backing and the ability to focus on serving the Michigan market, Skymint has the potential to navigate its way through the complex restructuring process and make a strong comeback.

As the cannabis industry continues to evolve, it’s crucial for investors to stay informed about market developments. By keeping a close eye on companies like Skymint, investors can capitalize on potential opportunities and make well-informed investment decisions.

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Photo: Courtesy of Skymint

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