SKYMINT Brands Completes Acquisition of 3Fifteen Cannabis

SKYMINT Brands Completes Acquisition of 3Fifteen Cannabis

<![CDATA[Michigan cannabis company SKYMINT Brands announced in April its acquisition of retailer 3Fifteen Cannabis is complete, further expanding SKYMINT, one of the largest vertically integrated operations in the state. With the agreement, SKYMINT nearly doubles its retail presence with 29 active locations and has another 15-plus planned over the next year, according to a press release. SKYMINT operates two indoor cultivation facilities with a total of 77,000 square feet with a third indoor cultivation facility—totaling 184,000 square feet—due to come online this year.”We are thrilled to be adding 3Fifteen Cannabis’ highly complementary retail portfolio,” SKYMINT Chairman and CEO Jeff Radway said in a press release. “Our newly combined retail footprint strategically establishes a leadership position in every major metro market in Michigan. With SKYMINT’s manufacturing scale, we expect the integration of 3Fifteen Cannabis to be immediately accretive to our financial performance with significant opportunities to leverage SKYMINT’s broad brand portfolio across all product categories …” RELATED: How Green Peak Innovations Is Navigating the Early Days of Medical Cannabis in Michigan With the closing of the transaction, SKYMINT has appointed Mitch Baruchowitz, CEO of Merida Capital Holdings, a majority owner of 3Fifteen Cannabis, to SKYMINT’s Board of Directors.Michigan’s adult-use market includes about 460 active retail licenses, according to February data from Michigan’s Marijuana Regulatory Agency (MRA). The state had more than $1.3 billion in adult-use sales in 2021, which makes it among the top five markets in the U.S.  ]]>

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Source : SKYMINT Brands Completes Acquisition of 3Fifteen Cannabis

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