Marijuana Business Magazine September 2019

Marijuana Business Magazine | September 2019 134 we realized we didn’t need all that land and thought we had a ready, willing and very supportive municipality and decided to create a real estate development that was good for the community, good for us and could serve cannabis companies looking to move to Michigan,” Radway noted. Green Peak created a development company, Alimac, which sold off the remaining nine parcels of land contained in Harvest Park. Innovative Industrial Properties (IIP), a marijuana-focused real estate investment trust based in San Diego, bought the property in a deal valued at $13 million. IIP made available an added $18 million in funding for further expansion of Green Peak’s cannabis cultivation and processing facilities at Harvest Park. Assuming full payment of the additional funding, IIP’s total investment in the property will be $31 million. Phase 2 of Harvest Park is set to begin this fall. Green Peak is developing 50 acres of cultivation, processing and infused product manufacturing operations. That will likely happen in the next 24 months. This property will include a 111,000-square-foot industrial building, which Green Peak will use for its cannabis cultivation and processing operations. The first half of the building was completed earlier this year; the second half will augment those operations. Having a group of disparate mari- juana-focused businesses together in Harvest Park is a plus, according to Radway. “It allows for collaboration (between us all) and supply chain efficiency. If there were a testing lab in the park, they’d probably get the business of everyone.” There were thoughts about collaboration with other cannabis companies on power, testing and utilities, but “it’s going to take a good two years until we’re at that point,” Radway said. Two of the nine lots are under construction; the other seven are empty. Diversifying Into Retail Green Peak, meanwhile, is expanding beyond cultivation and processing. In March, the company closed a $30 million funding and plans to open 30 Skymint retail outlets in Michigan—14 this year, the remainder in 2020. The stores currently offer medical products such as flower, vape pens, oils and edibles. The retail outlets also will offer recreational products once that market launches, likely in 2020. Also on the drawing board: plans for 40 Skymint stores in Florida. “So, in the next two years, we plan to have 70 stores—and 100 in three years—all in Florida and Michigan,” Radway said. In a related move into retail, Green Peak has created a new wholesale flower brand, North Cannabis Co. Roughly 50 Michigan dispensaries already have committed to carrying the new brand, according to the company. Green Peakʼs retail business is called Skymint. Courtesy Photo Michigan marijuana cultivator and processor Green Peak Innovations is implementing a multifaceted growth strategy aimed at boosting sales and expanding the company’s geographic footprint. Among other things, Green Peak is expanding into the retail sector and recently agreed to purchase a Florida medical marijuana business. Here’s what you need to know: • Green Peak also is developing an industrial park, where the company has its headquarters and is welcoming other cannabis businesses to set up shop at the facility. • The medical marijuana company is poised to enter Michigan’s new recreational market. • Green Peak is building a retail business called Skymint. • The company agreed to acquire a licensed, vertically integrated Florida business, Tree King Tree Farm, for $48 million.