Skymint CEO, chairman ousted amid legal battles and receivership

Cannabis company Skymint has been going through a rough patch lately. Its CEO and chairman, Jeff Radway, who founded Skymint in 2018, bid farewell to his team in an email on April 18, thanking them for the memories and the ride of a lifetime, as first reported by Crain's Detroit.

Radway has been on an indefinite leave of absence since April 7 and has now officially left the company as it battles through court-ordered receivership.

The Michigan-based company currently owes more than $127 million to Canadian investment firm Tropics LP, a subsidiary of Calgary-based Sundial Growers Inc.(NASDAQ:SNDL), and has reportedly been burning through $3 million in cash per month.

The situation grew worse with multiple lawsuits against Radway, who is accused of mismanagement of funds, including allegations that he operated the company "as his personal piggybank" and engaged in multiple extramarital affairs with employees, according to the case, filed in Oakland County Circuit Court.

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