LANSING — A Mid Michigan medical marijuana company plans to expand after raising more than $30 million in capital.
Green Peak Innovations LLC of Lansing said today it had closed on a round of mezzanine debt financing. The largest holder of Class C state cultivation licenses, Green Peak Innovations plans to open 19 provisioning centers to sell medical marijuana under the Skymint brand. The first center could open within a few months.
CEO Jeff Radway called the financing “an important step” in the company’s plans. The financing round was oversubscribed, he said.
“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,” Radway said in a statement. “Our first priority is to solidify our position as the state’s premier cannabis company that supplies Michiganders with the safest, highest quality products.
“Only then can we begin our next step of taking our proprietary and scalable model to other states.”
Green Park plans to significantly expand its 60,000-square-foot headquarters facility in Eaton County’s Windsor Township and an R&D facility.
Canaccord Genuity Group Inc. and Beacon Securities Ltd., both based in Canada, served as co-lead agents for this funding round.
“Our investors participated in this funding based on the team we’ve built, our business and financial strategy, and the assets we have amassed,” stated CFO Al Gever. “All of this speaks volumes about how serious Green Peak is about being the country’s premier cannabis company.”