Toni Ko-Controlled Cannabis Landlord Files Lien Against California-Based Weed Company

Cannabis company Unrivaled Brands, Inc. UNRV announced its intention to oppose an application for a writ of attachment filed by 1149 South LA Street Fashion District, LLC and 1135 South LA Street Fashion District, LLC. The complaint and application for writ of attachment are based on alleged breaches of a cannabis retail lease and assignment of that lease, both of which were executed by Toni Ko on behalf of the landlord entities. Toni Ko is a Korean-American businesswoman and founder of NYX Cosmetics

Although Ko is believed to own or control the entities, the application was supported by a declaration from Robin Yi, the asset manager at Bison Property Services and Management rather than Ko.

“We will continue to work with all of the Company’s creditors in good faith,” stated Sabas Carrillo, Unrivaled’s CEO. “During the last 12 months of turn-around efforts, we have been and continue to be successful in negotiating fairly with numerous parties and reasonably resolving over $50.0 million in debt. We will oppose the application for a writ of attachment and will continue to explore reasonable outcomes to the litigation.”

Ko is a Forbes-listed America’s Self-Made Woman. Forbes outs Ko’s net worth at $340.0 million and indicates that she has been investing in commercial real estate in California, Texas, West Virginia and Florida.

Carrillo continued, “The cannabis commercial real estate market continues to be challenging as does commercial real estate generally. Landlords in the space will continue to have to work with their cannabis tenants.”

Price Action

Unrivaled Brands shares closed Thursday market session flat at 0.0280 per share. 

Related Links: 

Cannabis Industry Changes As Marijuana Rescheduling Looms

Cannabis Industry Learns Lesson As Teamsters Union Flexes Its Muscles 

Unrivaled Brands Revenue Declines 44% YoY In Q2, Profit Follows Suit

Photo: Courtesy of 2H Media via Unsplash