Canadian-based cannabis lender SunStream Bancorp said it would keep existing Skymint employees and “certain key management” in place to keep Michigan’s second largest cannabis retailer running before it is either sold or restructured.
“SunStream intends to continue to provide working capital financial support to SkyMint throughout the receivership process and remains committed to the success of the SkyMint business as a going concern,” the Monday press release stated.
SunStream said it is the only “senior secured lender” to the business, but there is another lawsuit against Green Peak Industries, the company that runs SkyMint, in Oakland County Circuit Court over a purchase agreement of 3Fifteen.
The Ingham and Oakland County lawsuits both allege mismanagement.
SunStream claimed Green Peak owes more than $127 million. The lending company alleges the marijuana company has borrowed more than $81.25 million since 2021 through an affiliate named Tropics LP.