Michigan-based cannabis ag-tech company Green Peak Innovations LLC closed on a $30+ million capital raise in an oversubscribed mezzanine debt round. The company plans to use the money for expansion purposes within its home state.
“This is an important step for Green Peak Innovations as Michigan’s largest holder of vertical medical marijuana licenses,” CEO Jeff Radway said. Canaccord Genuity and Beacon Securities acted as co-lead agents for this funding round.
Green Peak Innovations is fully licensed by the LARA Bureau of Medical Marijuana Regulation as the largest holder of “Class C” cultivation licenses, processing, and has plans in place to open 19 provisioning centers. The company said it anticipates opening the first of its 19 Skymint-branded provisioning centers within the next few months.
Radway continued: “Significant demand resulted in exceeding our planned funding goal in record time. Clearly, our investors are excited about our business strategy and our first mover advantage in the Michigan marketplace.”
Plans are currently in place to expand the Windsor facility up to two times its current footprint. “Our investors participated in this funding based on the team we’ve built, our business and financial strategy, and the assets we have amassed,” added CFO Al Gever. “All of this speaks volumes about how serious Green Peak is about being the country’s premier cannabis company.”
“Our first priority is to solidify our position as the state’s premier cannabis company that supplies Michiganders with the safest, highest quality products,” added Radway. “Only then can we begin our next step of taking our proprietary and scalable model to other states.”
“Green Peak has invested significant capital into our fully operational 60,000 square foot state-of-the-art headquarters facility in Windsor Township and our R&D facility on Jolly Road to produce a quality product in a clean, contaminant-free environment,” said CFO Al Gever.
During the recent, mid-term elections Michigan voters passed a ballot initiative to legalize, regulate, and tax marijuana for adult use through the measure known as Proposal 1.