Canadian Cannabis Company Acquires Michigan’s Greenpeak Industries, Creates Tropics

Canadian cannabis company SunStream Bancorp Inc. has acquired certain assets of Greenpeak Industries Inc., based in Dimondale (southwest of Lansing), which does business as Skymint in Michigan. Terms of the transaction were not disclosed.
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Skymint pot
Certain assests of Greenpeak Industries, including the Skymint brand, have been sold to Sunstream USA., creating a new entity called Tropics. // Photo courtesy of Skymint

Canadian cannabis company SunStream Bancorp Inc. has acquired certain assets of Greenpeak Industries Inc., based in Dimondale (southwest of Lansing), which does business as Skymint in Michigan. Terms of the transaction were not disclosed.

The combined U.S. operations of Sunstream USA and Greenpeak, which had been in receivership, will be rebranded under the name Tropics, which is an affiliate of Sunstream.

“This key milestone in Skymint’s ongoing restructuring represents another successful navigation of a complex process,” says Zach George, CEO of SNDL, which owns Sunstream USA. “The sale order brings greater certainty, enables management at Skymint Acquisition Co. to focus on serving Michigan consumers, and creates tangible U.S. optionality.”

On March 3, Tropics applied for and received from the Circuit Court for Ingham County, the appointment of a receiver of the assets of Skymint. The court appointed receiver, Trust Street Advisors, conducted an auction process for the assets of Skymint. Skymint Acquisition Co. served as the staking horse bidder and was ultimately selected as the successful bidder.

On Oct. 12, the sale order approving the transfer of the Skymint assets to Skymint Acquisition Co. was approved. The final closing is expected in the first quarter of 2024 and is subject to closing conditions outlined in the asset purchase agreement, which includes obtaining regulatory approval by the Michigan Cannabis Regulatory Agency, as well as various local municipalities. Details of the transaction have not been released.