Skymint Archives - Green Market Report

Julie AitchesonOctober 14, 2021
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From college football to the NFL, nothing says Game Day like a lively tailgate scene complete with BBQ and beers or wine and cheese and a lot of sloshing Solo cups paraded around stadium parking lots. But with the rise in popularity, not to mention the legality, of cannabis, tailgaters and entrepreneurs alike are looking to swap Solo cups for smokes, edibles, and the like. With football season finally back in full-ish swing, cannabis companies in Michigan (the nation’s third-largest recreational cannabis market) are getting in on the action with exclusive tailgating products and activations. 

The college market is a particular focus of these new tailgate-tailored products. College students’ cannabis consumption in 2020 reached an all-time, historic high unseen since 1983 according to the National Institute on Drug abuse’s annual “Monitoring the Future” study. The study also showed that more than four in every ten college students reported using marijuana in 2020, and the increase occurred in similar proportions among college-aged respondents who aren’t in school. Alcohol usage, meanwhile, was less common in 2020 than in previous years, including binge drinking, getting drunk, and overall alcohol use. The decline has been ongoing over the last few decades and the low is also “historic” according to the principal investigator of the study, John Schulenburg. Alcohol usage was “significantly lower” in 2020 than just a year prior in 2019, with increasing legalization and the pandemic highlighted as likely factors.

This is all to say that the college tailgating crowd isn’t only primed for some grit and glory on the gridiron, but for a creative range of products and events that offer alternatives to boozy barbecues. Lansing-based Pure Options sent out an invite to Michigan State fans to an all-season tailgate in front of Spartan Stadium. Michigan cannabis company SKYMINT recently launched their Tailgate Collection, which includes cannabis-infused gummies “Varsity Blue” and “Green Machine” as well as the terpene-heavy “Tailgate Vape”.   To celebrate the annual Michigan vs. Michigan State game, SKYMINT will host a tailgate party at their East Lansing location on October 30th.  The event will feature food, games and podcast hosts sports columnist Graham Couch of the Lansing State Journal and sports podcast host Jason Knick.


StaffSeptember 21, 2021
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Michigan-based SKYMINT, is buying 3Fifteen Cannabis and also closing its $70 million Senior Secured Term Loan from Tropics LP, an affiliate of SunStream Bancorp Inc., a joint venture initiative sponsored by Sundial Growers Inc. (Nasdaq: SNDL), and its $8 million equity investment from Merida Capital Holdings. The acquisition will bring Skymint’s workforce to 730 employees and a combined retail portfolio of 27 locations totaling 101,000 square feet, with an additional 18+in the 2021-2022 pipeline.

The combined company will now have a dominant market share in four key Michigan regions: Grand Rapids, (4 locations), Greater Lansing (4 locations), Detroit / Metro Detroit (5 locations), and Ann Arbor (2 locations). In addition, it will have two indoor cultivation facilities totaling 77,000 square feet with a third indoor cultivation facility – totaling 184,000 square feet – due to come online next year and a 1,000acre sustainable, sun-grown farm (Michigan’s largest outdoor cannabis farm).

“Skymint was founded on a mission to become a leader in the cannabis industry while leveraging our leadership position as a positive catalyst for change,” said Skymint CEO and co-founder Jeff Radway. “With this acquisition of 3Fifteen Cannabis, we have a monumental opportunity and responsibility to truly shape the market for the better, bring more jobs to our state, provide Michiganders increased access to clean, handcrafted, premium products and experiences at the best value, and continue our commitment to uplift the communities we are fortunate to serve.”

The company said in a statement that with the acquisition of 3Fifteen Cannabis, it now has the capability to serve nearly 90%of adult Michigan residents in a market valued at $3.2B that has embraced the freedom to consume cannabis recreationally since 2019. Three additional Skymint stores are planned to open in 2021, and 15 more locations are set for 2022.

“Merida has already invested deeply in Michigan through 3Fifteen, due to the attractive population dynamics. Skymint’s leading vertical position augments 3Fifteen’s leading retail presence,” explained Mitch Baruchowitz, CEO of Merida Capital Holdings and will be joining Skymint’s board of directors upon closing of the transaction.

The announcement comes on the heels of Michigan’s record-breaking July 2021 sales. According to an August 2021 report from industry analyst HeadsetMichigan celebrated a 56% year-over-year increase in July 2021 sales totaling $171M, with adult recreational products comprising the largest share of $128M; and in May 2021Michigan’s cannabis sales were less than $8.5M short of surpassing Colorado’s, which presently holds the No. 2 state ranking for national cannabis sales.

“We couldn’t be more excited to have a partner like Skymint to execute our shared vision for aggressive expansion,” said Tommy Nafso, President and General Counsel of 3Fifteen. “Skymint’s operational efficiencies and meticulous focus on quality, combined with best-in-state cultivation operations and innovative approach to retail, creates the perfect operating environment for continued success.”


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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