Medical marijuana cultivator to open 19 dispensaries
A mid-Michigan medical marijuana cultivator plans to open 19 provisioning centers throughout the state.
The news comes as Green Peak Innovations LLC closes a more than $30 million debt round. The money borrowed will position the company to make its expansion into the burgeoning marijuana retail business in Michigan, according to a news release.
"Significant demand resulted in exceeding our planned funding goal in record time," CEO Jeff 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."
Radway added that Green Peak hopes to take its business model to other states. Green Peak expects to open the first of its Skymint-branded dispensaries in the next few months.
The company has a 60,000-square-foot growing facility at its headquarters in Windsor Township in the Harvest Park development at 6333 Lansing Road, and has plans to expand its footprint up to two times. it also has a research and development facility at 1669 E. Jolly Road.
The company is one of the largest owners of medical marijuana licenses from the Michigan Licensing and Regulatory Affairs Department. It has 12 Class C cultivator licenses, which each allow Green Peak to grow up to 1,500 plants, according to the department's website. It also has a processor license. The company says it has 19 pre-qualified provisioning center licenses, as well.
Green Peak's announcement comes as the Michigan medical marijuana industry has faced challenges with meeting patient demand. Many dispensaries are relying on caregivers to supply them with product while they await the cultivators' crop to mature.