Legal Battle Fallout: Parallel & IIP Face Dissolution As $5.8M Rent Default Leaves Distressed Assets In Balance
Portfolio Pulse from Nicolás Jose Rodriguez
A Pennsylvania court has ordered the dissolution of Goodblend Pennsylvania LLC, a subsidiary of cannabis operator Parallel, due to a $5.8 million rent default to its landlord, Innovative Industrial Properties Inc. (IIPR). The legal battle saw Surterra Holdings, the majority owner of Goodblend, seeking dissolution due to operational challenges. The court's directive mandates the development of a plan for Goodblend's dissolution and disposal of its medical marijuana assets.
August 29, 2023 | 9:10 pm
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Innovative Industrial Properties Inc. (IIPR) is impacted by the dissolution of Goodblend Pennsylvania LLC due to a $5.8 million rent default. This could potentially lead to a sale of distressed assets.
The dissolution of Goodblend Pennsylvania LLC, a tenant of IIPR, due to a $5.8 million rent default could potentially lead to a sale of distressed assets. This could negatively impact IIPR's revenue and stock price in the short term.
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