REIT - Legal Battle Fallout: Parallel & IIP Face Dissolution As $5.8M Rent Default Leaves Distressed Assets In Balance | Benzinga
A Pennsylvania state court has ruled for the dissolution of Gooblend Pennsylvania LLC, a subsidiary of Parallel, a prominent cannabis operator.
$5.8 Million Rent Default In Legal Battle
The court order, disclosed on August 24, resulted from Goodblend's failure to pay $5.8 million in rent and penalties to its landlord, Innovative Industrial Properties Inc. (NYSE: IIPR).
This legal clash saw Surterra Holdings, the majority owner of Goodblend, seeking dissolution due to operational challenges, while Medical Bloom Inc., the minority ...