LANSING, Mich., March 14, 2019 /PRNewswire/ -- Green Peak Innovations, LLC announced today that it has closed $30+ million in an oversubscribed mezzanine debt round consistent with its planned expansion in Michigan and beyond.
"This is an important step for Green Peak Innovations as Michigan's largest holder of vertical medical marijuana licenses," CEO Jeff Radway said.
Radway continued: "Significant demand resulted in exceeding our planned funding goal in record time. Clearly our investors are excited about our business strategy and our first mover advantage in the Michigan marketplace."
"Our first priority is to solidify our position as the state's premier cannabis company that supplies Michiganders with the safest, highest quality products," added Radway. "Only then can we begin our next step of taking our proprietary and scalable model to other states."
Green Peak Innovations is fully licensed by the LARA Bureau of Medical Marijuana Regulation as the largest holder of "Class C" cultivation licenses, processing, and has plans in place to open 19 provisioning centers. The company anticipates opening the first of its 19 Skymint-branded provisioning centers within the next few months.
"Green Peak has invested significant capital into our fully operational 60,000 square foot state-of-the-art headquarters facility in Windsor Township and our R&D facility on Jolly Road to produce quality product in a clean, contaminant-free environment," said CFO Al Gever.
Plans are currently in place to expand the Windsor facility up to two times its current footprint. "Our investors participated in this funding based on the team we've built, our business and financial strategy, and the assets we have amassed," added Gever. "All of this speaks volumes about how serious Green Peak is about being the country's premier cannabis company."
Canaccord Genuity and Beacon Securities acted as co-lead agents for this funding round.
ABOUT GREEN PEAK INNOVATIONS
Green Peak Innovations uses nature, science and agricultural best practices to raise cannabis industry standards. We're building state-of-the-art facilities and using advanced technology to cultivate high-quality medicine that is safe for our patients, our communities and our state. Green Peak Innovations Global Headquarters is located in Windsor Township, Michigan, and is led by CEO Jeff Radway. For more information, visit greenpeakinnovations.com.
MEDIA CONTACT: Colleen Robar, 313-207-5960, [email protected]
SOURCE Green Peak Innovations