High Times hit with $5 million Back Rent Judgement On Premium San Francisco Retail Space

High Times hit with million Back Rent Judgement On Premium San Francisco Retail Space
CANNANNEW REPORT

A California state court judge says High Times has to pay near $5 million in back rent and real estate taxes to New York-based commercial property powerhouse Thor Equites.     High Times, run by its chairman Adam Levin, inherited the $200,000 a month fixed rate lease at 152 Geary street in San Francisco’s Union Square when it bought cannabis assets from Harvest in mid-2020 for a deal valued at $61.5 million.         CLR previously reported that Harvest bought the Union Square dispensary license and lease from Washington-based Have A Heart, didn’t pay any rent, and then off loaded it to High Times within a few months.  High Times continued with the deadbeat renter theme often using covid-19 as an excuse to not pay the rent but the judge wasn’t buying it this time. The bench trial was held on April 6th, 2022 and High Times, led by attorney Ted Spanos, put up no witnesses as a defense.   The high end property lease was put into an LLC named Vijaya Properties with Interurban Capital Group as the manager of the business. Interurban was a company Have A Heart set up to be the management company of its cannabis dispensaries in order to avoid restrictive regulations and encourage investments.     Steve Kemmerling, co-founder of cannabis corporate intelligence company CRB Monitor told Cannabis Law Report,   “Often times, the licensed Cannabis-Related Business entity may be a single-purpose entity designed to own/hold the license which allows for the commercial real estate to be held by another entity, which does provide a perceived level of separation between the “Tier 1″ CRB and the real estate in some lenders’ eyes.”   Kemmerling also explained   “In certain states that have caps on how many licenses can be owned by “one”…

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Source : High Times hit with million Back Rent Judgement On Premium San Francisco Retail Space

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