Skymint, now in receivership, invested heavily last year to retrofit the former Summit Sports and Ice Complex near Lansing into a massive marijuana grow and processing operation. The expansion was supposed to double its marijuana production capabilities. Skymint never completed the build-out.
And now the state’s second largest cannabis company surrendered the 176,000-square-foot facility and 21 acres back to developers, the country’s largest cannabis property developer Innovative Industrial Properties Inc.
Green Peak Industries, doing business as Skymint, is now under control of a court-ordered receiver, allegedly owing more than $130 million to investors, for back rent and taxes. Innovative Industrial owns the property and buildings at eight Skymint locations, including the Summit and Harvest Park grow operations as well as six retail dispensaries, totaling approximately 262,000 square feet with a total investment value of $57.6 million.
Innovative Industrial acquired the property in April 2021 for $15.6 million and invested another $14.4 million in redeveloping the property for Skymint. It’s unclear what Skymint’s monthly rent on the property leased from Innovative Industrial was before it ceded the property back.
Read the rest of the story at Crain’s Detroit