SunStream Bancorp has announced a receivership court order granting the sale of certain assets of Greenpeak Industries and certain affiliated entities to Skymint, a newly formed designee entity of Tropics LP.
Skymint Acquisition Co. is anticipated to be part of the Sunstream USA group of companies, a US platform with one or more independent third-party investors that will be independently managed and governed.
"This key milestone in Skymint's ongoing restructuring represents another successful navigation of a complex process," said SNDL Chief Executive Officer Zach George. "The Sale Order brings greater certainty, enables management at Skymint Acquisition Co. to focus on serving Michigan consumers, and creates tangible US optionality."
As of the date the Sale Order was entered, the asset purchase agreement provided for the purchase or assumption of 21 retail leases with dispensaries that produced annualized sales of approximately $68 million in September 2023. Also being purchased or assumed are cultivation and equipment leases required for continuing operations. As part of the receivership process, uneconomic cultivation, equipment, and retail leases representing more than $12 million of annual fixed obligations were rejected and will not be purchased or assumed by Skymint Acquisition Co. Regulatory approvals for the Skymint Transaction are anticipated to commence in the first quarter of 2024 and to continue on a rolling basis.
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