NICI Quick Take
Green Peak Innovations was one of the first cannabis companies to receive pre-approval for vertical integration from the state of Michigan when the legislation was signed in 2016. It secured 12 grow licenses in the state, and developed a 130-acre industrial park in Dimondale, Michigan that it branded Harvest Park. This site now houses the company’s headquarters and aims to become the premier hub for growing, processing, testing, and secure transportation of medical marijuana in Michigan. For example, Innovative Industrial Properties, the cannabis-focused real estate investment trust, bought land in Harvest Park in a deal valued at $13 million.
Green Peak has raised over $30 million since inception, and plans to use the funds to build out the remaining facility space for cultivation and processing at Harvest Park. Currently, about 73,000 square feet of the space is in operation and lots are available for sale.
Green Peak branded its retail storefront operations under the name Skymint, and opened its first dispensary in November. It is now up to 6 retail locations in the state, with plans to open up to 13 more Skymint stores across Michigan within the next two years.
In December 2019, the company partnered with OG DNA Genetics for licensing access to its library of genetics to be utilized at the Harvest Park facilities for cultivation and processing.
CEO Jeff Radway has been an entrepreneur for over three decades, co-founding and operating various businesses. So far, he has done a good job translating these skills over to his first venture in the cannabis industry. The addition of Vice President Joe Neller, a public policy expert with experience in health care and regulatory compliance, will certainly assist Green Peak in its expansion efforts through the license application process.
|NICI Subsector||Cultivator, Processor|