Michigan's Lume Cannabis To Acquire Skymint's Remaining 56,000-Square-Foot Grow Facility

In a significant move within Michigan’s cannabis industry, Lume Cannabis Co is set to take over a large cannabis grow operation near Lansing, previously operated by Skymint. The transition comes as Skymint restructures, stepping away from cultivation to focus on its retail presence across the state.

Strategic Growth Amidst Industry Realignments

Lume, a leading force in the state’s cannabis sector, signed a letter of intent to buy the 56,000-square-foot facility in Dimondale’s Harvest Park, which is owned by Innovative Industrial Properties, reported Crain's Detroit.

Skymint’s decision to cease operations there by March 1, aligns with its financial restructuring strategy following a challenging period of receivership and subsequent asset acquisition by Tropics LP. The closure of this facility, Skymint’s last in Michigan, signals a shift towards sourcing products externally while maintaining its retail presence.

Conversely, Lume’s move to acquire the facility underscores its ambition to solidify its footprint in Michigan’s burgeoning cannabis sector. Doug Hellyar, the company's president and COO announced plans for a swift takeover, with due diligence underway to secure a long-term lease with property owner Innovative Industrial Properties. 

Investment And Innovation At The Forefront

Lume aims to have its first harvest at the Dimondale facility by August. The ambitious plans include significant investments in a state-of-the-art lighting system and other technological upgrades, positioning Lume as a potential leader in live rosin production nationwide.

Implications For The Local Economy And Workforce

The transition may offer a lifeline to some of the 143 employees previously working under Skymint at the Harvest Park facility, though the exact number to be retained remains undetermined. The move also facilitates an expansion of Lume’s growing operations at its Evart facility, highlighting the company’s growth trajectory and commitment to meet consumer demand.

A New Chapter For Michigan’s Cannabis Industry?

As Lume prepares for expansion, with revenue projections exceeding $200 million, Michigan’s cannabis industry watches closely. The move not only signifies Lume’s growing dominance but also highlights the shifting dynamics in cultivation and retail within the state's cannabis market, reflecting broader trends in the face of expected regulatory changes.