Green Peak Innovations, the Lansing-based holder of Michigan’s largest number of vertical medical marijuana licenses, recently announced the completion of a $10 million round of mezzanine financing.
Green Peak will use the capital to finance its planned expansion in Michigan and beyond.
“We are well on our way to becoming Michigan’s premier cannabis company as the recreational market opens up next year (the state starts accepting applications on Nov. 1),” says Jeff Radway, CEO of Green Peak. “With our fourth store opening this month and another 13 scheduled to open over the next six months, we are poised to significantly ramp our sales and operations.”
Canaccord Genuity and Beacon Securities acted as co-lead agents for this funding round.
“Green Peak has invested significant capital into our two state-of-the-art and fully operational indoor grow facilities,” says Al Bever, CFO of the company. “This capital raise, in conjunction with our existing partnership with Innovative Industrial Properties and expected positive cash flow, will facilitate further expansion plans and strengthen our organizational capacity to fuel our rapid growth objectives.”