Court Appoints Receiver to Manage Insolvent Silverpeak Cannabis Chain in Colorado

Seven Silverpeak retail locations to remain open as receiver markets business and searches for buyer

Apr. 10, 2026 at 9:21pm

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A high-end, photorealistic studio still-life photograph featuring a stack of legal documents, a calculator, and a gavel arranged elegantly on a clean, monochromatic background, symbolizing the legal and financial challenges facing the cannabis industry.The receivership of Silverpeak's Colorado cannabis stores reflects the financial pressures and legal risks facing regional marijuana chains as the industry matures.Denver Today

A Denver judge has appointed a court-appointed receiver to take control of the insolvent Silverpeak cannabis chain in Colorado after the company disclosed it is at least $13 million in debt. The receiver will work to keep the seven retail locations open, stabilize operations, and market the business to potential buyers while the company's assets are sorted out.

Why it matters

Silverpeak's insolvency and receivership highlights the financial challenges facing regional cannabis chains in Colorado as the state's legal marijuana market has contracted in recent years. The case underscores the risks of rapid expansion fueled by debt that some cannabis companies took on during the industry's boom years.

The details

The court-appointed receiver, Chris Harff of Highline Financial, will be paid $325 per hour to oversee Silverpeak's operations, pay employees, and market the business for sale. Silverpeak's attorney told the court that revenue at the stores has dropped to roughly half of what it used to be, leaving the company struggling to keep up with its debt obligations, including a $18.6 million default on secured debt owed to its main lender, Bay Point Capital.

  • In 2019, Silverpeak's current owners acquired the company's flagship Aspen location and set out to expand the brand across Colorado.
  • In 2024, Silverpeak walked away from a cultivation facility in Basalt, leading to a $20 million breach-of-lease lawsuit.
  • Colorado's legal cannabis sales peaked at $2.2 billion in 2021 and have since declined to around $1.3 billion in 2025 as prices have fallen to record lows.

The players

Chris Harff

A court-appointed receiver from Highline Financial in Lone Tree, Colorado who will oversee Silverpeak's operations and assets while the business is marketed for sale.

Bay Point Capital

Silverpeak's main lender, which says the company defaulted on $18.6 million in secured debt.

Judge Kandace Gerdes

The Denver judge who signed the emergency order appointing the receiver to protect Silverpeak's assets and facilitate a sale.

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What they’re saying

“The appointment of a receiver is necessary to protect (Silverpeak)'s assets and to market and sell those assets.”

— Judge Kandace Gerdes

What’s next

The receiver's mandate is to stabilize Silverpeak's stores, preserve what value is left, and find a buyer who can clear Colorado's regulatory review. The seven-shop portfolio and the cultivation asset have already been pitched to prospective buyers in earlier marketing efforts, and brokers are expected to test the market again while the receiver works to steady cash flow and operations.

The takeaway

Silverpeak's insolvency and receivership illustrates the financial pressures facing regional cannabis chains in Colorado as the state's legal marijuana market has contracted in recent years. The case underscores the risks of rapid expansion fueled by debt that some cannabis companies took on during the industry's boom years, and the challenges they now face as prices and sales decline.