Skymint, undergoing acquisition out of receivership, is slated to close its Harvest Park facility near Lansing, Michigan. The 56,000-square-foot plant will cease operations following the termination of approximately 180 employees by March 1, 2024.
This information was revealed in an internal memo obtained by Crain's Detroit Business.
Reasons Behind The Closure
In response to the imminent closure, Skymint attributed the decision to challenges prevalent in Michigan's cannabis sector, including surplus supply, declining prices and rising costs.
"Skymint has faced many of the same challenges as others in Michigan’s cannabis industry, including excess supply, decreasing prices, and cost inflation," stated the company. "As a result, we feel this is the best path forward (...) to remain competitive in the marketplace and ensure sustainable success for Skymint brands well into the future."
As of now, Skymint continues its operations with 22 retail locations across the state, as confirmed by its website. Formerly one of Michigan's leading marijuana producers, Skymint's financial downturn resulted from a ...