SKYMINT BRANDS announced under an MSA, the completion of its definitive agreement to acquire 3Fifteen Cannabis' retail chains from majority owner Merida Capital Holdings.
"We are thrilled to be adding 3Fifteen Cannabis' highly complementary retail portfolio," stated SKYMINT chairman and CEO Jeff Radway. "Our newly combined retail footprint strategically establishes a leadership position in every major metro market in Michigan. With SKYMINT's manufacturing scale, we expect the integration of 3Fifteen Cannabis to be immediately accretive to our financial performance with significant opportunities to leverage SKYMINT's broad brand portfolio across all product categories."
With the closing of the transaction, SKYMINT has appointed Mitch Baruchowitz, CEO of Merida Capital Holdings, to the company's board of directors.
"Merida has already deeply invested in Michigan through 3Fifteen Cannabis," explained Mitch Baruchowitz. "The combination of these two companies creates a clear leader in the third-largest cannabis market in the country and creates an even larger platform for Merida's portfolio companies to work with."
Key Transaction Highlights:
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A combined retail portfolio of 29 locations in operation, with an additional 15+ in the pipeline to be opened over the next year
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Presence in every major metro market in Michigan
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Expanded distribution of SKYMINT brand and partner products; SKYMINT stores feature 60+ brands and more than 250 products across all cannabis categories
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Two indoor cultivation facilities totaling 77,000 square feet with a third indoor cultivation facility - totaling 184,000 square feet, due to come online this year
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A state-of-the-art indoor processing facility producing the highest quality distillate, live products, concentrates and edibles
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A 1,000-acre sustainable outdoor farm
Photo: Courtesy of Esteban Lopez on Unsplash
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