Cannabis real estate manager Innovative Industrial Properties (IIP) is claiming that multistate operator PharmaCann has defaulted on several of its leases across the country.
IIP, a San Diego-based-headquartered real estate investment trust (REIT), alleges in a news release that PharmaCann defaulted on December rent obligations totaling $4.2 million on six properties located in Illinois, Massachusetts, Michigan, New York, Ohio and Pennsylvania.
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IIP said it applied security deposits it held pursuant to the leases for the payment of the defaulted rent, in addition to late penalties and interest.
Although Chicago-headquartered PharmaCann paid full December rent on its remaining five leases totaling $90,000, a cross-default provision requiring payment for all its leases led to defaults even for the fully paid leases, IIP alleges.
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