Dimondale-based cannabis company Green Peak Industries, which operates under the brand name Skymint, has been placed under the control of a receiver after a lender sued the company claiming it owes them more than $127 million.
The March 3 lawsuit, which also names Green Peak Industries subsidiaries District Bay LLC, The District Park LLC, and GPIMD Corp., was filed by Canadian-based Tropics LP in Ingham County Circuit Court.
According to the lawsuit, the four companies "have borrowed more than $81 million" from Tropics since September 2021. They have been "chronically in default of their loan obligations" since "at least March 2022," the lawsuit said.
The lawsuit alleges Green Peak Industries and its subsidiaries "lack sufficient cash to operate their business." Court records show an order to appoint a receiver was filed last week. A message and email left Tuesday morning with Skymint Brands CEO Jeff Radway weren't immediately returned. However, the company provided a statement.
Read more at lansingstatejournal.com