Susan Radway, the ex-wife of Jeff Radway, a prominent figure in Michigan's early legal cannabis industry, has made a significant entry into the state's cannabis market. According to court documents, Susan Radway has acquired cannabis plants and processing equipment from a former Skymint facility located at 1669 E. Jolly Road in Lansing.
This facility, initially established by Jeff Radway in 2018, faced substantial challenges after Skymint entered receivership last year amid accusations of financial mismanagement. Susan Radway's company, Fantasy Farms LLC, purchased the assets from the receivership for $350,000. The North Carolina-based company received prequalification approval from the state to operate the grow operation in January.
Jeff Donahue, Skymint's executive vice president and general counsel, confirmed that Fantasy Farms is now managing the grow operation and has retained approximately 75% of the former Skymint staff.
The acquisition marks a new chapter in the complex saga of Skymint, which led to Jeff Radway's departure and subsequent divorce from Susan Radway. Several attempts to contact Jeff and Susan Radway for comments were unsuccessful.
Jeff Radway was at the center of controversy surrounding Skymint, which was placed into receivership by an Ingham County Circuit Court judge in March of last year due to unpaid debts. Skymint, primarily operating under Green Peak Innovations Inc., owed over $127 million to Canadian investment firm Tropics LP, which alleged the company was losing $3 million monthly while generating only $110 million in revenue in 2022, far below the forecasted $263 million.
Additionally, a lawsuit filed by New York-based cannabis investment firm Merida Capital Holdings accused Skymint and its executives of financial misrepresentation and mismanagement. Merida also alleged that Jeff Radway used Skymint's funds for personal expenses and engaged in inappropriate relationships with employees, which included settlements using company funds to silence allegations.
Although an Oakland County judge dismissed a lawsuit by Merida that sought to prevent the sale of former 3Fifteen properties, Merida has appealed the decision.
Despite the turbulent history, Susan Radway and Fantasy Farms are moving forward with their cannabis operations. Jeff Radway, though not involved with Fantasy Farms, co-owns the building at 1669 E. Jolly Road with Susan. The property, initially acquired for $659,000, was sold to 1669 E. Jolly Road LLC for $100 in March. Both Jeff and Susan are owners of the LLC, according to court records, and Fantasy Farms is leasing the building.
Susan Radway's prior business experience includes running Moxifit Body Fuel LLC, a health supplement company dissolved in December. She had no known involvement in the cannabis industry during her marriage to Jeff Radway. Jeff Donahue of Skymint confirmed her lack of prior engagement with Skymint.
The future for Fantasy Farms could be challenging, given the high production costs at former Skymint facilities, which averaged over $1,000 per pound—significantly higher than the $450 per pound that is considered profitable. This cost issue contributed to Skymint's decision to cease all growing operations this year, including closing its 56,000-square-foot facility in Dimondale in March. The facility has since been leased to Lume Cannabis.
Currently, Skymint focuses solely on retail sales, operating 20 stores across Michigan. Despite the receivership, Skymint remains competitive, according to Donahue, who emphasized the company's stability and ongoing efforts to reduce costs.
Tropics LP, through Skymint Acquisition Co., acquired Green Peak Industries' assets, doing business as Skymint, for $109.4 million in a receivership auction. However, the deal is pending closure due to ongoing lawsuits that must be resolved before Tropics can take control.
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