SKYMINT BRANDS COMPLETES ACQUISITION OF 3FIFTEEN CANNABIS

TRANSACTION SOLIDIFIES POSITION AS MICHIGAN'S TOP VERTICALLY INTEGRATED CANNABIS OPERATOR

ANN ARBOR, Mich., April 26, 2022 /PRNewswire/ - SKYMINT BRANDS (SKYMINT), Michigan's top vertically integrated cannabis company, today announced under an MSA, the completion of its previously announced definitive agreement to acquire 3Fifteen Cannabis, one of Michigan's leading cannabis retail chains from majority owner Merida Capital Holdings.

Key Transaction Highlights:

• A combined retail portfolio of 29 locations in operation, with an additional 15+ in the pipeline to be opened over the next year
• Dominant presence in every major metro market in Michigan (a $1.9 billion market and 3^rd largest in the U.S.)¹: Grand Rapids (4), Greater Lansing (6), Detroit (3) / Metro Detroit (6), and Ann Arbor (2)
• Expanded distribution of SKYMINT™ brand and partner products; SKYMINT stores feature 60+ brands and more than 250 products across all cannabis categories
• 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
• A state-of-the-art indoor processing facility producing the highest quality distillate, live products, concentrates and edibles
• A 1,000-acre sustainable outdoor farm

"We are thrilled to be adding 3Fifteen Cannabis' highly complementary retail portfolio," says 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.  I would like to welcome all of our new 3Fifteen team members and customers to the SKYMINT family," added Radway.

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," added Baruchowitz.

"We are very proud of 3Fifteen's rapid expansion from a single location to one of the top retail chains in Michigan," said Ammar Kattoula, Founder of 3Fifteen. "Integrating 3Fifteen's retail portfolio with SKYMINT's takes our organization to the next level," added Tommy Nafso, President and General Counsel of 3Fifteen. "Our customers will greatly benefit from the best-in-class infrastructure, wider retail footprint, and access to the highest quality brands in the market."

ATB Capital Markets Inc. acted as the exclusive financial advisor to SKYMINT on its acquisition of 3Fifteen Cannabis.  Miller Johnson was the exclusive legal advisor to SKYMINT.  Foley & Lardner acted as the exclusive legal advisor to 3Fifteen. 

Beginning operations in Fall 2018 and headquartered in Ann Arbor, Michigan, SKYMINT is Michigan's leading vertically integrated cannabis company and the state's largest medical and recreational license holder. With two state-of-the-art indoor grow facilities as well as SKYMINT Farms™, a 1000-acre sun grown, sustainable farm, the Company cultivates, processes, markets, distributes and sells a full range of branded cannabis products, including SKYMINT™, Skymint Reserve™, Skymint Farms™, North Cannabis™, Jolly Edibles™, Jolly x Shorts Brewing™, Awe™, PotCo™, and the Two Joints™ brand, which benefits the Last Prisoner Project.  For more information, please visit www.skymint.com

Merida Capital Holdings is a private equity firm targeting fundamental growth drivers which accelerate the rapid development of the cannabis and hemp industries. Merida's motto, Responsible Investing in the Cannabis Ecosystem, highlights its focus on governance while identifying leading cultivation technologies, products and services associated with the evolution of cannabis and hemp as agricultural products, plant-based medicines, constituents in pharmaceutical formulations and recreational consumer products. For more information, please visit www.meridacap.com or follow Merida on twitter @meridacap.

SOURCE Skymint Brands