Two cannabis companies in Michigan have joined forces to produce cured resin concentrate.
Harbor Farmz Cheech's Stash concentrate will be available in select dispensaries that carry Cheech Marin's brand, with only 14,000 grams in stock.
Aardvark Industrees provided the cannabis trim for the extract. Harbor Farmz is known for producing terpene-rich concentrates. Cured resin concentrate is produced by removing the plant's moisture through a slow curing process, resulting in a smooth and potent product with preserved terpenes and enhanced flavors.
If this initial batch is well received, the two businesses plan to work together on a long-term product.
Aadvark co-owner Hilary Dulany expressed confidence in the partnership between the two independent businesses.
In Michigan, marijuana sales increased by 32% over the previous year to a record $221.7 million. Several cannabis businesses in southeast Michigan have been arguing in Michigan's court system for years.
A state cannabis operator, Skymint, has recently been under the control of a receiver. A lawsuit filed in the Ingham County Circuit Court in Lansing alleges that the company owes more than $127 million to Canadian investment firm Tropics LP, a subsidiary of Calgary-based Sundial Growers Inc. SNDL investment firm SunStream Bancorp Inc, has closed a $6.25 million senior secured term loan to Skymint Brands.
SunStream Opportunities LP, an affiliate of SunStream Bancorp Inc., has submitted an entry in a stipulated order by the Circuit Court for the appointment of a receiver in respect of all of the assets of Green Peak Industries, and certain affiliates, doing business as Skymint Brands. On March 3, a judge appointed Trust Street Advisors, through its agent, Gene Kohut, as receiver of all of Skymint's assets.
Michigan's Skymint is not the only cannabis operator under the control of a receiver. At least four of the four marijuana companies are in receivership.