Skymint Brands, a vertically integrated cannabis company headquartered in Ann Arbor, announced the completion of its previously announced definitive agreement to acquire 3Fifteen Cannabis, a Michigan-based cannabis retail chain from majority owner Merida Capital Holdings.
“We are thrilled to be adding 3Fifteen Cannabis’ highly complementary retail portfolio. Our newly combined retail footprint strategically establishes a leadership position in every major metro market in Michigan,” says Jeff Radway, chairman and CEO of Skymint.
“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. I would like to welcome all of our new 3Fifteen team members and customers to the Skymint family.”
Highlights of the transaction include:
- A combined retail portfolio of 29locations in operation, with more than 15 in the pipeline to be opened over the next year.
- Presence in every major metro market in Michigan — a $1.9 billion market and 3rd largest in the U.S. — with four dispensaries in Grand Rapids, six in Greater Lansing, three in Detroit, six in Metro Detroit, and two in Ann Arbor.
- Expanded distribution of Skymint brand and partner products; Skymint stores feature more than 60 brands and250 products across all cannabis categories.
- Two indoor cultivation facilities totaling 77,000 square-feet with a third indoor cultivation facility — totaling 184,000 square feet — due to come online this year.
- A state-of-the-art indoor processing facility producing the highest quality distillate, live products, concentrates, and edibles.
- A 1,000-acre sustainable outdoor farm.
With the closing of the transaction, Skymint has appointed Mitch Baruchowitz, CEO of Merida Capital Holdings, to the company’s board of directors.
“Merida has already deeply invested in Michigan through 3Fifteen Cannabis. The combination of these two companies creates a clear leader in the third largest cannabis market in the country and creates an even larger platform for Merida’s portfolio companies to work with,” says Baruchowitz.